Greek budget deficit widened slightly to 503 million euros in the January-March period this year, from 448 million euros in the corresponding period in 2014, but it was significantly lower compared to a budget target for a deficit of 2.11 billion euros. The Greek budget recorded a primary surplus of 1.732 billion euros in the first quarter of the year, from a primary surplus of 1.541 billion last year and a budget target for a primary surplus of 119 million euros. State budget net revenue totaled 12.020 billion euros in the three-month period, up 0.8% from target, while regular budget net revenue totaled 10.571 billion euros, down 5.3% from target. Tax revenue totaled 9.314 billion euros in the January-March period, down 7.4% from target. This development is attributed to an 11.7% shortfall in direct tax revenue to 3.901 billion euros, reflecting a 9.3% decline in income tax, a 37.2% fall in direct taxes, a 4.1% fall in indirect taxes, while VAT on oil products fell 13.3%, VAT on tobacco surpassed target by 44.3% and a special consumption tax on energy products surpassed target by 3.0%. Other non-tax revenues surpassed target by 45.9% in the three-month period. Tax returns totaled 796 million euros, up 135 million from target. Public Investment Program revenue totaled 1.449 billion euros, up 679 million from target. State budget spending totaled 12.522 billion euros, down 1.516 billion from target, while regular budget spending totaled 11.980 billion euros, down 1.338 billion from target reflecting an 1.181-billion-euro reduction in primary spending and a 130-million-euro reduction in defense spending. Regular budget spending was down 2.2% compared to the first quarter of 2014. Public Investment Program spending totaled 542 million euros, down 178 million from target and down 376 million compared to the same period in 2014. (source: ana-mpa)
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