ECONOMY

May revenues post 10 pct drop

State revenues posted a decline of just over 10 percent in May compared with the same month last year, but this was far better than the preliminary data, which had pointed to a drop of over 20 percent in the first three weeks of the month.

The first issuance of revenue data for last month served to calm the fears of the political leadership at the Finance Ministry, whose officials now expect revenues to post an annual decline of about 1 billion euros in the year?s first five months.

The distance from the target set by the ministry is significantly smaller, though, as the government had calculated its monthly revenues depending on the receipts it expected from each source month by month over the course of the year.

Still, the delays in the submission of tax statements by individuals and corporations and shrinking value-added tax revenues have made the ministry all but kiss its original targets good bye.

Hence caretaker Finance Minister Giorgos Zannias stated that he is mostly focusing on the receipt of outstanding debts.