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Greek News

Primary budget surplus over double the forecast for 10-month term

According to figures released today by Deputy Minister for Financial Policy Theodoros Skylakakis, the January-October 2019 primary surplus amounted to € 5.755 billion and was more than double the target (€ 2.314 billion) and significantly higher than the corresponding quarter of 2018 (€ 3,811 euros). October’s net revenue, as Mr Skylakakis noted, increased by 71m euros, an amount slightly higher than projected in the preliminary draft budget.

In the 10-month period, net revenues of the state budget exceeded € 1,666 billion or 4% over the target set for 2019 in this year’s report, reaching € 43,383 billion. This significant increase is mainly due to the € 1.119 billion collection of the extension (excluding VAT) of the Athens International Airport concession, which was originally estimated to be received in 2018, and to the collection of € 644 million in profits of bonds (ANFAs, SMPs) last May, which were not foreseen in this year’s budget.

Data of aggregate state budget revenues, which totaled € 47,317 billion, up by € 2,024 billion or 4.5% against the target, showed a significant increase in tax revenue.

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