11.2.13
The Deputy Minister of Finances Christos Staikouras announced that according to preliminary state budget data, January 2013 demonstrates that the country is on the right track towards fiscal reform.
Specifically, Mr. Staikouras claimed “the balance was positive […] the country had a primary surplus”, warning however that “there is no room for relaxation”. The surplus was estimated to be 398 million euros, compared to a 33 million shortfall in January 2012. The budget balance was also positive, with an estimated 159 million euro surplus. State budget expenses were estimated to be 4.3 billion euros, reduced by 1.1 billion euros.
The primary expenses, which are the main efficiency index regarding cutting expenses, are down by 19%, compared to last January, for a total of 3.9 billion euros. The State and Ordinary budget, despite being reduced compared to 2011, were found to have achieved the allocated targets.
Revenue before tax returns are down by 241 million euros this years (- 5.2% in January), mostly due to the inefficiency of indirect taxes. The expenses of the public investment program were higher than last year’s, despite the fact that a significant percentage of the program’s outstanding debts was paid off in 2012.
