ECONOMY

Net budget revenues miss target by 5.9 pct

net-budget-revenues-miss-target-by-5-9-pct

The state budget has shown the first signs of derailment this year, as net revenues lagged their target in January-February by 476 million euros, or 5.9 percent, also partly due to the reduced revenues of the Public Investments Program.

This development resulted in the primary surplus amounting to 823 million euros, against a budget target for 929 million euros. However, the Finance Ministry’s attention is now focused on the performance of March, with the measures to suspend the operation of enterprises as well as tax and social security contribution payments.

According to the figures published on Monday by the State General Accounting Office, the net revenues of the state budget came to 7.55 billion euros in the year to end-February. The Public Investments Program’s revenues reached just 430 million euros, lagging their target by 343 million.