ECONOMY

State budget records primary deficit of 9.056 billion euros in Jan-Oct

state-budget-records-primary-deficit-of-9-056-billion-euros-in-jan-oct

The Greek state budget recorded a deficit of 13.44 billion euros in the January-October period, compared to the budget target for a shortfall of €987 million and a surplus of €906 million recorded in the same period last year, the Finance Ministry said in a report on Monday.

The state budget also recorded a primary deficit of €9.056 billion in the 10-month period, compared to a budget target for a primary surplus of €3.261 billion and a primary surplus of €5.739 billion in the corresponding period in 2019.

Net revenue amounted to €38.403 billion, 11.1% below target, reflecting a decline in economic activity due to the pandemic crisis, the impact of government support measures and increased tax returns.

Regular budget revenue was €42.984 billion in the January-October period, 8.5% below target.

Tax revenue totaled €35.564 billion, 14.5% below target (€6.052 billion), but only €43 million below compared to a provision included in the first 2021 budget draft.

Tax returns totaled €4.581 billion, €778 million above target, while Public Investment Program revenue was at €4.436 billion, €1.681 billion above target.

State budget spending was €51.845 billion in the 10-month period, €7.668 billion above target, reflecting spending on government support measures.

Budget spending was €9.383 billion, up compared with the same period last year.