At EUR 3 bn the primary surplus for the first two months of 2016

At EUR 3 bn the primary surplus for the first two months of 2016

Athens, March 11, 2016/Independent Balkan News Agency

By Spiros Sideris

Net revenue at EUR 9.625 bn

February’s budget revealed a primary surplus of EUR 1.324 bn, according to Finance Ministry figures, compared to a deficit of EUR 194 mln in the respective period of 2015 and against a target of EUR 615 mln deficit. The primary balance for January-February 2016 reached a surplus of EUR 3.042 bn, compared to a primary surplus of EUR 1.238 bn for the same period in 2015 and the target for a primary surplus of EUR 1.065 bn.

The amount of net revenue of the state budget amounted to EUR 9.625 bn, increased by EUR 964 mln or 11.1% compared to the budget target for 2016. The exact breakdown between the categories of regular budget revenues will be achieved through the adoption of a definitive sheet.

Net ordinary budget revenue amounted to EUR 8.104 bn, increased by EUR 322 mln or 4.1% against the 2016 budget target.

The revenue refunds amounted to EUR 544 mln, a decrease of EUR 45 mln against the target (EUR 589 mln).

The PIP revenues amounted to EUR 1.522 bn, increased by EUR 642 mln against the 2016 budget target.

In particular, in February 2016 the total net revenues of the state budget amounted to EUR 5.411 bn, increased by EUR 571 mln compared to the monthly target.

Net revenues of the ordinary budget amounted to EUR 4.455 mln, increased against the monthly target by EUR 335 mln.

The revenue returns for February 2016 amounted to EUR 248 mln, increased by EUR 4 mln against the monthly budget target for 2016 (EUR 244 mln).

The expenditure of the state budget for the period January – February 2016 amounted to EUR 8.301 bn and appear decreased by EUR 976 mln against the target (EUR 9.277 mln).

In particular, the costs of the regular budget amounted to EUR 7.941 bn, down by EUR 961 mln against the target, mainly due to a reduction in primary expenditure of EUR 913 mln.

The ordinary budget expenditure has increased compared with the corresponding period of 2015 by EUR 195 mln. An extra EUR 40 mln have been paid for the emergency financial assistance to address the humanitarian crisis, EUR 11 mln for heating allowance and EUR 27 mln for agricultural subsidies.

The PIP expenses amounted to EUR 360 mln, down by EUR 15 mln against the target.

Especially for February, the state budget expenditures amounted to EUR 5.160 bn and appear decreased by EUR 492 mln against the monthly target, while expenditure of the ordinary budget amounted to EUR 4.935 bn and have decreased by EUR 492 mln against the monthly target. The Public Investment Budget expenditures (PIP) amounted to EUR 225 mln, at the level of the monthly target.