PBO: Consolidated general govt primary balance improved by 1.089 bln€ in Jan-Sep 2018

Τhe Greek Parliament’s Budget Office on Wednesday estimated that the consolidated general government’s primary balance over the first nine-month period of the year improved by 1.089 billion euros compared with the corresponding period of 2017.

In a report, the PBO said the state budget’s primary cash balance was 311 million euros lower compared to the previous year.

In terms of revenues, ordinary tax revenue was 516 million euros higher and public investment budget (PIB) revenue was 298 million euros higher.

In the report, the PBO notes:

“This improvement is largely offset in cash terms by reduced privatization revenue by 1,037 million euros, included in the category “Non-Tax and Non-Recurring Revenue.

“On the expenditure side of the State Budget, there is an increase by 582 million euros, due to higher ordinary primary spending by 1,040 million euros, lower interest payments by 353 million euros and lower PIB spending by 105 million euros, compared to the previous year.”