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Greece out of trouble, January-August budget posts primary surplus

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Staff Writer |
Europe   State budget net revenues

Greece slightly revised its January-August budget execution figures from the preliminary data which were released on September 14.

On a modified cash basis, state budget posted a primary surplus of 3.54 billion euros, slightly below the budget target which is for a surplus of 3.57 billion euros.

In the respective period of 2016, the primary position was positive by 2.1 billion euros.

The budget balance was negative in the first eight months of the year by 1.27 billion euros compared to the budget target of 1.22 billion euros in deficit.

State budget net revenues underperformed the target by 1.7 billion euros or 5.3, amounting to 31.4 billion euros.

Personal income tax revenues fall considerably short of the target by 469 million euros or by 8.5%.

Also, the delayed collection of the first instalment in property tax ENFIA in September and not in August as it was initially planned was also blamed for the shortfall.

In August alone, net revenues were 1.1 billion euros below the monthly target

Ordinary revenues, which exclude receipts from social security organisations and local governments, fell short of the target by 1.76 billion euros, reaching to 30.2 billion euros.

In August, ordinary revenues were 1.08 billion euros below than the monthly target.

Tax refunds amounted to 2.56 billion euros, or 469 million euros above the budget target.

PIB revenues stood at 1.2 billion euros, 17 million euros above the target, while state spending amounted to 32.7 billion euros, 1.7 billion euros below target.

Also, PIB spending reached 1.6 billion euros, or 519 million euros below the target.

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