FINANCE

Last year’s budget revenue beats target

Last year’s budget revenue beats target

The Greek state budget revenue exceeded targets in 2021, totaling 59.24 billion euros, 2.1% above the target, while budget spending was down by €420 million compared with 2020, the Finance Ministry announced on Monday.

In a report on provisional budget execution data for last year, the ministry said that tax revenue was €47.602 billion, 1.6% above the target, and noted that the final result will be much higher since payment of car registration fees was given a two-month extension.

The ministry stated that in a crucial year like 2021 with a high fiscal cost because of budget spending to deal with the pandemic, the primary result showed a deficit of €10.985 billion, below the budget target for a primary deficit of €12.946 billion and a primary deficit of €18.195 billion in 2020.

Commenting on budget execution data, Alternate Finance Minister Thodoros Skylakakis said the figures were provisional and that the ministry will have to wait until the release of the final data. However, he noted that budget execution was better than expected and that it was a significant development for the fiscal credibility of the Greek state.

In the January-December 2021 period, the state budget recorded a deficit of €15.529 billion (on an amended cash basis), below the budget target for a deficit of €17.487 billion and a shortfall of €22.806 billion in 2020.

The primary result showed a deficit of €10.985 billion, against a budget target for a deficit of €12.946 billion and a primary shortfall of €18.195 billion in 2020.

Net revenue amounted to €54.220 billion, 1.5% above the budget target. Regular budget revenue was €59.324 billion, 2.1% above the target.

Tax rebates totaled €5.104 billion, €443 million above the target, while Public Investment Program revenue came to €4.519 billion, €275 million below the target.

In December, budget revenue totaled €5.744 billion, €474 million above the monthly target, while regular budget revenue reached €6.578 billion, beating its target by €835 million. Tax rebates totaled €833 million, €361 million above the target, while Public Investment Program revenue was at €751 million, €145 million euros above the budget target.

Budget spending totaled €69.750 billion in 2021, missing its target by 1.6%.