Greek primary surplus has more than doubled the target

Greek primary surplus has more than doubled the target

The primary surplus of the budget in the first quarter of 2018 is more than double the set target.

The primary surplus, as reported by the Treasury Department, reached € 2,320 billion when the target was for a surplus of € 1,096 billion; net revenues to the state budget exceed 7.9% compared to the target while public expenditure is slightly down by € 335 million, small if compared to past performance.

In the Public Investment Programme front, there is the positive revenue path, where there is an overstatement of € 529 million, offset by a € 332 million under-spending in relation to the target.

A € 2.6 billion increase in the new overdue loans

New overdue debts amounted to € 2,601 billion, an increase of € 1,9 billion in February and € 693 million in January.

As explained by the Independent Authority of Public Income, “the new overdue debt of  € 2,601 billion that was added to the books until January 31, 2018 (February reference period), with the exception of non-tax categories, is derived from 1,9 million debtors, of whom 26 debtors only account for € 1 billion.”

Cumulatively, the outstanding debt to the state has reached € 101,609 billion, of which € 14,023 billion has been officially classified as ‘uncollected’, raising its potentially recoverable amount to € 87,586 billion.

Regarding the compulsory collection measures, in February, nearly 1,088,696 taxpayers were facing foreclosure, auction and pledges of their assets.

The number of taxpayers with arrears fell from 4,107,315 to 3,964,279, while the number of those who were under the risk of compulsory recovery measures fell from 1,757,439 to 1,739,301…. / IBNA