Greece’s government on Tuesday announced a primary budget surplus of 3.566 billion euros in the January-November period, up from 2.778 billion in the same period last year and a 2015 budget target of 2.875 billion euros. A Greek Finance Ministry report said that the state budget recorded a cash deficit of 1.827 billion euros in the 11-month period, from a deficit of 3.155 billion in 2013 and 2015 budget target of 2.533 billion euros. Net budget revenue totaled 45.928 billion euros in the January-November period, down 2.4% from the 2015 budget target, while regular budget net revenue totaled 41.774 billion euros, down 2.2% from the 2015 budget target. Tax revenue totaled 39.552 billion euros in the 11-month period, down 1.7% from budget target, with property tax revenue surpassing target by 0.1%, capital transfer tax revenue surpassing target by 7.7%, income tax revenue higher by 2.7%, VAT on oil products revenue surpassing target by 4.9% and special energy consumption tax revenue surpassing target by 1.5%. Tax returns totaled 3.074 billion euros, up 205 million euros from the 2015 budget target. Public Investment Program revenue totaled 4.154 billion euros, down 203 million euros from the 2015 budget target. State budget spending totaled 47.755 billion euros in the January-November period, down 1.828 billion euros from the 2015 budget target, with regular budget spending at 43.207 billion euros (down 1.327 billion from target), reflecting a cut in primary spending by 1.121 billion and a reduction in defense spending by 155 million euros. Regular budget spending was down 7.0% compared to the same period in 2013. Greek Public Investment Program spending totaled 4.547 billion euros in the 11-month period, down 500 million euros from budget target but up 598 million from the same period in 2013. (source: ana-mpa)
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