Budget exceeds expectations

Budget exceeds expectations

Tax revenue significantly surpassed targets in the first quarter of 2023, the Finance Ministry said on Wednesday.

In a report on the budget execution on an amended cash basis for January-March, the ministry said that tax revenue totaled €13.68 billion in the three-month period, up 12.4% from budget targets, helping the state budget to record a primary surplus of around €3 billion.

Alternate Finance Minister Thodoros Skylakakis commented that the March figures confirmed that the Greek economy was performing significantly better than expected. “The country is heading into general elections in an environment of fiscal stability and improved economic performance,” he noted.

The general government balance showed a surplus of €211 million in the January-March period from a budget target for a deficit of €2.6 billion and a deficit of €3.88 billion in the same period last year. The primary surplus totaled €3.07 billion, from a budget target for a surplus of €28 million and a primary deficit of €1.65 billion in 2022.

Net budget revenue amounted to €16.83 billion, up 15.6% from targets, with tax revenue totaling €13.68 billion, up 12.4% from targets.

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