Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Primary surplus and revenues exceed target

By Prokopis Hatzinikolaou

Budget revenues in the first five months of the year are showing a rebound according to data released on Thursday by Alternate Finance Minister Christos Staikouras. Notably in May, an election month, revenues posted a significant recovery, exceeding the original targets.

Ministry figures showed that tax revenues in the year to end-May were 146 million euros above target, resulting in a primary budget surplus of 711 million euros for the first five months of 2014.

Staikouras said that the public finances are strengthening, paving the way for a gradual decline in tax rates. The necessary foundations are being created for the recovery of the real economy and the promotion of employment, the distribution of a social dividend, a reduction in social security contributions and the gradual easing of the tax burdens on corporations and households, he stated.

According to official data, tax rebates in the first five months amounted to 1.27 billion euros, compared with just 483 million in the same period last year. In May tax rebates were more than double those given out in the same month of 2013 as well as the target for last month. Tax rebates were particularly high, much higher than in the same period last year, the alternate minister stated.

Staikouras added that revenues before tax rebates were 250 million euros higher than those of May 2013, while tax revenues were 300 million higher on an annual basis and 285 million above target.

The figures presented are the revised ones, as the budget targets have been updated based on the targets of the midterm fiscal plan agreed with the countrys creditors. Originally the budget had provided for a primary surplus of 1.5 percent of gross domestic product, while the midterm plans revised target provided for a 2 percent primary surplus. The target for the first five months was for revenues to exceed expenditure by 208 million euros, but the actual figure came in at 711 million.

Net budget revenues amounted to 17.3 billion euros in the January-May period, beating the revised target by 62 million euros, or 0.4 percent. Total tax revenues came to 16.17 billion euros 254 million euros or 1.6 percent above the revised target. Tax rebates reached 1.27 billion, some 85 million euros above target, and revenues from the Public Investments Program amounted to 2.3 billion euros, missing the revised target by just 16 million euros. Budget expenditure amounted to 21.59 billion euros, beating its target by 529 million euros.

ekathimerini.com , Thursday June 12, 2014 (23:02)  
Greece needs private debt overhaul, Piraeus Bank CEO says
Cheap energy pulls down eurozone producer prices in July
Greece sells 1.14 bln euros of 6-month T-bills, yield eases
New committee formed to assess progress of deregulation in closed-shop professions
Reforms to dominate Greek talks in Paris, debt relief talks later, says source
Greece hopes to assuage concerns it is slipping up on reforms during talks with European and IMF inspectors in Paris this week, with debt relief talks unlikely to start until October, a seni...
Trial over 2013 murder of pawn merchant starts in Athens
The trial over the April 2013 murder of a 30-year-old man running a family-owned pawn shop in the suburb of Dafni began on Monday with the four defendants admitting to their role in the deat...
Inside News
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
SOCCER
Unlikely pair on the Super League summit
Veria and Atromitos are sitting pretty at the top of the Super League after the second round of games thanks to their away wins that made them the only clubs to have six points, as champion ...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the peoples favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greece needs private debt overhaul, Piraeus Bank CEO says
2. Cheap energy pulls down eurozone producer prices in July
3. Greece sells 1.14 bln euros of 6-month T-bills, yield eases
4. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
5. Greece defender Papadopoulos fires parting shot at Michel
6. Unlikely pair on the Super League summit
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Moderating expectations
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Trial over 2013 murder of pawn merchant starts in Athens
6. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.