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State budget showed primary surplus of 5.739 billion euros in Jan-Oct

Greek state budget recorded a primary surplus of 5.739 billion euros in the January-October period, up from a budget target for a surplus of 4.179 billion and a primary surplus of 3.811 billion euros in the same period last year, the Finance ministry said in a report on Monday.

Greek state budget recorded a primary surplus of 5.739 billion euros in the January-October period, up from a budget target for a surplus of 4.179 billion and a primary surplus of 3.811 billion euros in the same period last year, the Finance ministry said in a report on Monday.

The general government budget showed a surplus of 906 million euros in the 10-month period from a budget target for a deficit of 689 million and a shortfall of 460 million in the same period last year.

Net revenue was 43.368 billion euros, up 0.2 pct from the 2020 budget target and up 1.651 billion euros from 2019 budget targets. Regular budget revenue was 47.301 billion euros, up 0.2 pct from targets.

More specifically, budget revenue exceeded targets in the categories of special consumption tax on energy products (0.5 pct), other taxes on specific services (4.2 pct), real estate taxes (0.5 pct), corporate income tax (0.7 pct), other taxes (1.6 pct) and other revenue (4.0 pct).

Revenue fell short of targets in the categories of VAT on oil products (0.6 pct), VAT on other products and services (0.2 pct), income taxes (0.3 pct), transfers (0.5 pct) and sales of goods and services (1.2 pct).

Tax returns totaled 3.934 billion euros, while Public Investment Programme revenue was 1.586 billion euros, in line with targets.

State budget spending was 42.462 billion euros, down 1.499 billion from targets, reflecting lower spending in the Public Investment Programme and lower defense spending. Budget spending exceeded 2018 levels by 938 million euros.

In October, net revenue was 4.842 billion euros, up 95 million euros from monthly targets. Regular budget revenue was 5.259 billion euros, up 95 million from monthly targets. Public Investment Programme revenue was 12 million euros, in line with targets, while tax returns was 417 million euros. Budget spending was 3.818 billion euros, down 521 million from monthly targets.

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