Primary surplus increases to 1.189 billion euros in January

27 February 2016
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The Ministry of Finance has published its latest figures of the state budget execution on a modified cash basis, according to which,the State Budget balance for the period of January of 2015 presented a surplus of 1,073 million Euros, against the target of 2016 Budget of surplus of 197 million Euros and the surplus of 367 million Euros for the same period of 2015.

The State Budget Primary Balance amounted to a surplus of 1.189 billion Euros, against the primary surplus target of 307 million Euros and the primary surplus of 443 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 4.214 billion Euros, showing an overperformance of 393 million Euros or 10.3% against the Budget 2016 target. Ordinary Budget net revenues amounted to 3.649 billion Euros, 13 million Euros or 0.4%, lower than the target of Budget 2016. Particularly, during January 2016 there was an increase against the target in the following revenue categories:

Direct Tax Arrears by 78 million Euros or 38.7%,
Other Direct Taxes by 19 million Euros or 13.3%
Indirect Tax Arrears by 81 million Euros or 76.5%
Other Non-Tax Revenue by 86 million Euros or 32.2%

The revenue categories that showed an underperformance against the target, in the same period, were:

Other Income Tax by 31 million Euros or 29.1%,
Property Taxes by 98 million Euros or 20.0%,
VAT on Fuel by 32 million Euros or 22.4%,
VAT Other by 102 million Euros or 7.6%,
Excise Tax on Fuel by 44 million Euros or 12.5%,
Other Consumption Taxes by 22 million Euros or 52.4%
Tax refunds amounted to 296 million Euros, decreased against the target (346 million Euros) by 49 million Euros. Public Investment Budget (PIB) revenues amounted to 566 million Euros increased by 406 million Euros against the target. State Budget expenditures amounted to 3,141 million Euros, 483 million Euros lower than the target (3,625 million Euros).

Specifically, ordinary Budget expenditures amounted to 3.006 billion Euros and were decreased by 469 million Euros against the target, mainly due to the reduction of primary expenditure by 438 million Euros.

Ordinary Budget expenditures were reduced compared to the respective period of 2015 by 167 million Euros despite the fact that expenditures increased by 20 million Euros for allowance for tackling humanitarian crisis and 11 million Euros for allowances for heating needs. PIB expenditure amounted to 135 million Euros, lower by 15 million Euros than the target.

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