ECONOMY

State revenues record major slump in June

state-revenues-record-major-slump-in-june

The primary budget surplus for the year’s first half was curtailed by the drop in revenues in June, according to figures published on Thursday by the State General Accounting Office.

State revenues posted a decline of 605 million euros at the end of the month before the general election, resulting in the primary surplus for the January-June period shrinking to 382 million euros, against 916 million in the year’s first five months.

In June the sum of net budget revenues reached 3.264 billion euros, against a target for 3.896 billion. At the same time there was also a significant reduction in state expenditure because of the incomplete execution of the Public Investments Program.

The new leadership of the Finance Ministry is now eagerly awaiting the figures for July, the first month with income tax payments, as this will point to whether or not the budget will be executed as projected.