The Deputy Minister of Finances Christos Staikouras presented the latest data set on the implementation of the budget and commented that progress is excellent and that Greece is managing to cover all of its fiscal goals with ease.
According to the Ministry of Finances’ provisional divs, the primary surplus of the state budget during January and February 2014 was estimated to be about 2 billion euros. Specifically, the state budget shows a 495 million euro surplus on a modified cash basis, compared to a 788 million euro deficit in 2013 and a deficit goal of 527 million euros.
Overall the primary surplus was found to be 2.07 billion euros, compared to a 487 million euro surplus in 2013 and a primary surplus goal of 1.047 billion euros.
The state budget’s net revenue was found to be 9.46 billion euros, about 433 million euros (4.8%) more than the intended goal. The net revenue of the regular budget was found to be 7.87 billion euros, about 575 million euros (6.8%) less than the goal. The total tax revenue was 6.97 billion euros, which was 359 million euros (4.9%) less than the goal. Tax returns amounted to 497 million euros, marking a 304 million increase above the goal of 193 million euros.
The Public Investment Program’s revenue was 1.59 billion euros, up by 1.007 billion euros from the goal.
The state budget expenses were found to be 8.97 billion euros, marking a 590 million euro reduction, compared to the 9.56 billion euro goal. In particular, the regular budget expenses were 8.36 billion euros, reduced by 846 million euros, which was primarily attributed to reduction of primary expenses by 791 million euros.
Overall the regular budget expenses are reduced by 776 million euros (8.5%) compared to 2013, despite the increase of guarantee activation costs in general government bodies by 352 million euros, as well as the expenses for interest by 301 million euros compared to last year. This reduction was attributed to the overall reduction of primary expenses by 1.32 billion euros (17.1%) compared to 2013.
The Public Investment Program’s expenses of 606 million euros were increased by 256 millions above the 350 million euro goal and by 327 million euros compared to last year.
