At EUR 500 mln the deficit in the state budget for January-March

At EUR 500 mln the deficit in the state budget for January-March

Athens, April 17, 2015/ Independent Balkan News Agency

By Spiros Sideris

In a modified cash register basis, for the period January – March 2015, there is a deficit in the balance of the state budget of EUR 500 million, against EUR 448 million deficit in the same period of 2014 and the deficit target of 2.111 billion euro.

These are derived from the provisional figures for the execution of the state budget, announced by the Greek Finance Ministry. Regarding the primary balance, it stood at a surplus of EUR 1.735 billion, against primary surplus 1.541 billion for the same period in 2014 and the target for a primary surplus of EUR 119 million.

The amount of net revenue of the state budget amounted to EUR 12.022 billion, an increase by EUR 95 million or 0.8% against the target. The net income of the regular budget amounted to EUR 10.574 billion, down by EUR 584 million or 5.2% against the target.

The revenue returns amounted to EUR 796 million, an increase of EUR 135 million against the target (EUR 661 million). Revenues of the PIP amounted to EUR 1.448 billion, increased by EUR 678 million against the target.

Especially for the month of March, the amount of net revenue of the state budget amounted to EUR 4.232 billion, increased by EUR 1.062 billion or 33.5% against the monthly target. Net income of the regular budget amounted to EUR 3.280 billion, increased by EUR 590 million or 21.9% against to the monthly target. The revenue returns amounted to EUR 188 million, a decrease of EUR 10 million against the monthly target (198 mil. EUR).

PIP Revenue totaled EUR 952 million, increased by EUR 472 million against the monthly target. More details on the state of the state budget revenues will be available with the publication of the definitive statement of the execution of state budget.

The state budget expenditure amounted to EUR 12.522 billion and were lower by EUR 1.516 billion against the target (EUR 14.038bn).

In particular, the expenditure of the regular budget amounted to EUR 11.980 billion, down by EUR 1.338 billion against the target, mainly due to a reduction in primary expenditure in the region of EUR 1.181 billion and of the expenditures for armament programs of EUR 130 million.

The spending of the regular budget is reduced compared with the corresponding period of 2014 by EUR 270 million or 2.2%, despite the fact that an additional 32 million euros have been paid for election expenses, and 17 million euros for agriculture subsidies.

Expenditure of Public Investment Budget (PIB) amounted to EUR 542 million, down by EUR 178 million against the target (EUR 720 mil.), decreased by EUR 376 million compared to the same period last year.

Especially for March the government budget expenditures amounted to EUR 4.539 billion and were lower by EUR 673 million against the target, while expenditure of the ordinary budget amounted to EUR 4.234 billion and were lower by EUR 608 million against the target.

The lower costs are due mainly to the restructuring of cash planning at prevailing liquidity conditions. It is estimated that after the normalisation of cash register conditions, expenditure will revert to the levels of budget targets.