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  • Primary surplus of 5.35bn euros in first 10 months of 2017

    The primary surplus between January-October was 5.35 billion euros, compared to a primary surplus of 4.86 billion for the same period in 2016, and a target of 5.24 billion for the primary surplus.

    ΤοΒΗΜΑ Team

    Data released on the execution of the Greek budget indicates that between January and the end of October there was a government budget balance surplus of 169 million euros, compared to a deficit of 342 million euros over the same period in 2016, and the 71 million euro target in the medium term adjustment programme for 2018-2021.

    The primary surplus result was 5.35 billion euros, compared to a primary surplus of 4.86 billion for the same period in 2016, and a target of 5.24 billion for the primary surplus.

    The clear revenues in the state budget were 40.6 billion euros, a decrease of 2.84 billion euros – or 5.5 percent – when compared to the 2018-21 targets.

    The finance ministry attributes this divergence to a number of factors, including an increased return of revenues to the tune of 4.5 billion euros, which exceeds by 1.96 billion euros the initial target of 2.53 billion euros. It also exceeds the annual target of 3.32 billion euros by 1.17 billion euros, or 35 percent.

    A second reason for the divergence is that the ministry began collecting the ENFIA real estate tax in September instead of August, as had been planned.

    More specifically, in October 2017 the total net revenue of the state budget was 4.57 billion euros, which is 489 million euros less than the monthly target.

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