Tuesday Jul 22, 2014 Search
Weather | Athens
29o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget keeps exceeding targets

 Primary surplus in the year to end-June amounted to 712 million euros, leaving scope for lightening of taxes

By Sotiris Nikas

The state budget has ended the first half of the year with a primary surplus of 712 million euros, Alternate Finance Minister Christos Staikouras announced on Monday, generating optimism at the ministry that the target set for a primary surplus of 2.8 billion euros, or 1.5 percent of gross domestic product, for the whole of 2014 is attainable.

Such a major difference between revenues and expenditure, not including interest payments, could pave the way for a lightening of the tax burden on Greeks, although there remain some holes in the budget such as those resulting from court decisions challenging the legality of salary cuts to university employees, the police and the armed forces.

“For a third straight year the fiscal targets have been achieved,” said Staikouras. “This lays the necessary groundwork for the recovery of the real economy and the promotion of employment, for a reduction to social security contributions and the gradual slashing of the tax burden on corporations and households.”

Senior ministry officials argued yesterday that it is quite possible, if taxpayers meet the obligations amassed in the second half of the year, that the primary surplus may end up even higher by year-end, to edge closer to the target included in the midterm fiscal plan for 2015-2018 of 2.3 percent of GDP (4.2 billion euros).

While the original budget target for the year to end-June had been for a primary deficit of 635 million, the figures have shown a primary surplus of 712 million, i.e. over 1.3 billion euros better than expected.

Revenues before tax returns came to 166 million euros above target, while tax revenues beat their target by 211 million euros in the first six months of 2014. This was during a period when tax rebates amounted to 1.6 billion euros, against just 600 million euros last year.

A senior ministry official added that in the first 10 days of July the picture in revenues is also very positive, and definitely better in comparison with the same period in 2013.

Expenditure was contained by 943 million euros compared with the target, though spending on the Public Investments Program was 33 percent higher than in the first half of 2013.

ekathimerini.com , Monday Jul 14, 2014 (22:23)  
Greek sovereign debt at 174.1 percent of GDP in first quarter
Portugal, Greece have money if banks need it, Regling says
Shares in Greek renewable energy firm drop in trade debut
BoG rejects single bad bank
Ministry approves 1.3 million euros for animal shelters
The Agriculture Ministry has set aside 1.3 million euros to be distributed to Greece's municipal authorities in order to build shelters for stray animals, the state-run Athens-Macedonia News...
Quake measuring 4.3 Richter recorded south of Crete
An earthquake with an initial magnitude of 4.3 Richter rattled the southern Aegean island of Crete on Tuesday morning, the Athens-based Geodynamic Institute reported. The tremor hit shortly ...
Inside News
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
SOCCER
Standard Liege on Panathinaikos’s way
The draw for the third qualifying round of the Champions League on Friday has put Belgian league runner-up Standard Liege on Panathinaikos’s way to the competition’s play-offs, meaning the G...
Inside Sports
COMMENTARY
Unequal after death
The dead are dead and the slain are slain, whether they are Malaysian, Dutch, Palestinian or Israeli, whether they are the innocent victims of a civilian plane that is shot down (we still do...
EDITORIAL
Chinese investment
The relationship between Greece and China has become one of major strategic importance. Beijing threw its support behind Athens during a period when the country was going through particularl...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek sovereign debt at 174.1 percent of GDP in first quarter
2. Ministry approves 1.3 million euros for animal shelters
3. Portugal, Greece have money if banks need it, Regling says
4. Shares in Greek renewable energy firm drop in trade debut
5. Quake measuring 4.3 Richter recorded south of Crete
6. Piraeus prosecutor investigating use of funds for building renovation
more news
Today
This Week
1. Unequal after death
2. Greeks getting better at recycling, though still Europe's laggards
3. Chinese investment
4. Piraeus prosecutor investigating use of funds for building renovation
5. Shares in Greek renewable energy firm drop in trade debut
6. Quake measuring 4.3 Richter recorded south of Crete
Today
This Week
1. China and Greece agree to further cooperation in transportation, infrastructure
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. The cost of excellence
4. Pay-TV booms as cash-strapped Greeks shun depressing news shows
5. Greece seen in third bailout as bonds not enough, economists say
6. Summer storms cause problems in Thessaloniki, spread across the country
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.