Greek budget showed a primary surplus of 2.3 billion euros in Jan-May

The Greek state budget recorded a deficit of 1.116 billion euros in the January-May period this year, significantly lower than a budget target for a deficit of 4.446 billion and a shortfall of 4.066 billion euros in the corresponding period last year. The state budget recorded a primary surplus of 2.3 billion euros in the five-month period, up from a budget target for a surplus of 1.396 billion and a deficit of 1.487 billion euros in the same period in 2022.

Net revenue was 26.252 billion euros, up 12.6% from targets, reflecting higher tax revenue, higher Public Investment Programme revenue and collection of 603 million euros from ANFAs. Regular budget revenue was 28.958 billion euros, up 13.3% from targets.

Tax revenue was 22.866 billion euros, up 9.2% from targets, VAT revenue was 9.417 billion, up 516 million from targets, special consumption tax revenue was 2.633 billion, down 73 million from targets, property taxes totaled 1.306 billion, up 59 million and income tax revenue was 6.158 billion, up 633 million from targets.

Tax returns totaled 2.707 billion euros, up 459 million from targets, while Public Investment Programme revenue was 1.953 billion euros, up 243 million from targets.

Budget spending in the January-May period was 27.368 billion euros, down 383 million from targets, while regular budget spending was down 470 million from targets. Public Investment Programme spending was 3.877 billion euros, up 87 million from targets.

In May, net budget revenue was 5.195 billion euros, up 436 million from monthly target, while regular budget revenue was 5.774 billion, up 506 million from targets. Tax returns totaled 579 million euros, up 70 million from monthly targets, while Public Investment Programme revenue was 197 million, down 98 million from targets.