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Greece January-November primary surplus 4.64bn euros

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Staff Writer | December 28, 2017
Greece slightly revised its January-November budget execution figures from the preliminary data which were released on December 14.
Europe   Tax refunds in Greece amounted to 4.8 billion euros
On a modified cash basis, state budget posted a primary surplus of 4.64 billion euros, above the budget target which is for a surplus of 3.07 billion euros, based on the assumptions included in the final 2018 budget.

In the respective period of 2016, the primary position was positive by 5.7 billion euros.

The budget balance was negative in the first 11 months of the year by 774 million euros compared to the budget target of 2.3 billion euros in deficit.

State budget net revenues fell short of the target by 0.3% or 158 million euros, amounting to 45.1 billion euros.

In November alone, net revenues were 483 million euros below the target, reaching 4.6 billion euros.

In contrast, ordinary revenues which exclude receipts from social security organisations and local governments outperformed the target by 506 million euros, reaching to 43.7 billion euros.

In November, ordinary revenues exceeded the monthly target by 181 million euros.

Tax refunds amounted to 4.8 billion euros, or 48 million euros below the monthly target.

PIB revenues stood at 1.4 billion euros, 664 million euros below the budgeted target, while state spending amounted to 45.9 billion euros, 1.7 billion euros below target. Also, PIB spending reached 3.0 billion euros, falling short of the target by 818 million euros.