Primary surplus of 1.24bn against a target of EUR 1.41bn Euro for the first two months of 2015

Primary surplus of 1.24bn against a target of EUR 1.41bn Euro for the first two months of 2015

Athens, March 25, 2015/ Independent Balkan News Agency

By Spiros Sideris

Primary surplus of EUR 1.24 billion is recorded at the end of February according to the final execution figures of the Budget presented by the General Accounting Office on Tuesday afternoon.

The main “headache” remains the shortfall in revenue by EUR 967 million or 11.0% compared to the aim for the same period.

According to the definitive execution figures of the state budget for February 2015, there is a deficit in the balance of the state budget of EUR 194 million compared to a EUR 487 million surplus in the same period of 2014 and the deficit target of EUR 70 million.

The primary balance stood at a surplus of EUR 1.24 bn compared to a primary surplus of EUR 2.06 billion year on year and the target for primary surplus of EUR 1.41 billion.

The Finance Ministry notes:

“The amount of net revenue of the state budget amounted to EUR 7.790bn, EUR 967mln or 11.0% less than the target.

The net income of the regular budget amounted to EUR 7.293bn, down by EUR 1,173bn or 13.9% against the target.

Tax revenues dropped by 13%.

The total tax revenue amounted to EUR 6.536bn, down by EUR 972mln or 13.0% against the target.

Other non-tax revenues exceeded the target by EUR 143 million or 18.0%.

In the category of non-recurring revenue, the revenue of repealed special accounts were reduced by EUR 115mln or 70.2%, while the liquidity support program revenue, due to the financial crisis, exceeded the target by EUR 42mln.

Revenue returns amounted to EUR 608mln, an increase of EUR 145mln against the target (EUR 463mln).

PIP revenues amounted to EUR 496mln, increased by EUR 206mln against the target.

The state budget expenditure amounted to EUR 7.984bn and were lower by EUR 843mln against the target (EUR 8.827mln).

In particular, the expenditure of the regular budget amounted to EUR 7.746mln, down by EUR 731mln against the target, mainly due to a reduction in primary expenditure by EUR 591mln and of the budget spending on arms programs by EUR 70mln.

The spending of the regular budget are reduced compared to the same period of 2014 by EUR 623mln or 7.5%, despite the fact that an extra EUR 29mln were given for election expenses, and EUR 27mln for agriculture subsidies.

Expenditure of Public Investment Budget (PIB) amounted to EUR 238mln, down by EUR 112mln against the target (EUR 350mln) and down by EUR 369mln compared to the same period last year”.