Greek budget records primary deficit of 8.199 billion euros in Jan-July, revenues drop

The Greek state budget recorded a primary deficit of 8.199 billion euros in the January-July period, against a surplus target of 1.166 billion euros, reflecting the impact of the repercussions of the coronavirus pandemic on the economy.

The preliminary budget execution figures for the seven-month period showed a deficit of 2.086 billion euros in the general government balance. The primary result for the same seven-month period in 2019 was a surplus of 1.763 billion euros.

Net revenue totaled 23.106 billion euros, down 17.7 pct from budget targets, while the total budget revenues amounted to 25.940 billion euros, down by 14.7 pct from target. Tax revenues totalled 22.678 billion euros, down 13.6 pct from target.

In statements about the budget results, Alternate Finance Minister Theodoros Skylakakis said that the drop in revenues from taxes in July (15 pct) is lower than the drop in the previous two months (June, 16.9 pct and May, 35.5 pct), when the repercussions of the lockdown registered.

July’s figures were negatively affected by the extension provided by the government to file annual tax returns and to pay the first instalment of tax due (to August 28), he noted.

[ANA-MPA]