Greek budget tax revenue up 7.4% in October

Greek state budget tax revenues rose 7.4% in October, compared with budget targets, totaling 4.963 billion euros, the finance ministry said on Monday, with tax revenue amounting to 38.642 billion euros in the 10-month period from January to October, up 3.3% from targets.

“October was a good month for tax revenue. It is clear that the economy is on a dynamic recovery course, as confirmed by the European Commission’s estimates, accompanied by a significant reduction of unemployment” said Alternate Finance Minister Theodoros Skylakakis, commenting on the budget figures, adding that “price increases in fuel and raw materials, causing significant problems, will have to be addressed by enterprises with self-control when rolling over this cost to consumer prices”.

The state budget recorded a deficit of 11.522 billion euros in the January-October period, on an amended cash basis, slightly down from a budget target for a deficit of 11.576 billion euros and a shortfall of 13.451 billion in the same period last year. The state budget recorded a primary deficit of 7.204 billion euros, from a budget target for a deficit of 7.272 billion euros and a deficit of 9.065 billion in 2020.

Net revenue was 44.131 billion euros, down 0.8% from budget targets, with regular budget revenue totaling 47.944 billion euros, down 0.9% from targets. Tax returns totaled 3.812 billion euros, down 118 million from targets, while Public Investment Programme revenue was 3.551 billion euros, down 491 million from targets.

State budget spending totaled 55.653 billion euros in the 10-month period, down 0.7% from targets, but up by 3.791 billion euros compared with the same period last year.

In October, state budget revenue was 4.681 billion euros, down by 1.696 billion from monthly targets, with regular budget targets amounting to 5.174 billion, down 1.606 billion from monthly targets. Tax revenue fell short of targets by 7.4%, totaling 4.963 billion euros. Tax returns totaled 493 million euros, up 90 million from monthly targets, while Public Investment Programme revenue totaled 54 million euros, down 194 million from targets. [AMNA]