State revenues beat Jan-Sept goal by 1 billion


The state’s tight restraint on spending and 1 billion euros more than expected in tax revenues resulted in the creation of a primary budget surplus of 5.44 billion euros in the first nine months of the year, Finance Ministry data confirmed on Monday.

The fact that many owners opted to pay their Single Property Tax (ENFIA) in a lump sum this year, along with high takings from corporate taxation and the significant performance of value-added tax revenues sent state revenues soaring to 33.1 billion euros in the January-September period, against a target for 32 billion.

For the budget target of 2016 to be reached, the state will have to collect some 11.3 billion euros in the last quarter of the year, a goal that the ministry expects not only to reach but also to exceed.

Expenditure was 2.47 billion euros short of the target, amounting to 34.55 billion.

The ministry’s data revealed the dramatic situation of the social security fund for the self-employed (OAEE), which has already received all of its allocated funds for this year – i.e. 835 million euros by end-September against a scheduled 834 million up to end-December. For the fund to meet its obligations it will receive 350 million euros from the account for the solidarity of generations (AKAGE).