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Greece primary surplus 1.5bn euros

Christian Fernsby ▼ | May 16, 2020
Greece’s state budget posted a primary surplus of 1.5 billion euros in the January-April period, exceeding the target for Greece which is for 783 million euros in surplus, despite the lockdown impact and the Greece’s support measures which included deferral of tax payments.
Euros   Greece’s state budget posted a primary surplus
Still, Greece Alternate Finance Minister Theodore Skylakakis warned that there is no room for “complacency” as impact of the lockdown measures will be fully felt in May and June due to the time lag effect between the real economy events and the tax revenues course.

Topics: Greece

Preliminary Greece data on a modified cash basis released by the Finance showed that state net revenues underperformed the target by 8.7% or 1.34 illion euros, amounting to 14.1 billion euros.

Ordinary Greece revenues, which exclude receipts from social security organisations and local governments, underperformed the target by 1.2 billion euros, amounting 15.4 billion euros.

The Greece Ministry said April net revenues fell short of the target by 1.18 billion euros on coronavirus-related expenses but also on the early payments of Bank of Greece’s dividend and the transfer of SMP/ANFA profits.

"The real reduction of the net revenues in April stood at 399 million euros compared to the monthly target," the Greece Ministry said.

Public Investment Budget revenues stood at 1.3 billion euros, 153 million euros above the budgeted target, while state spending amounted to 18.2 billion euros, 1.0 billion euros above target, due to COVID-19 related payments.