Budget tax revenues in July were up by 4.2 billion or 16.3% compared to the target, according to the official final data released by the Ministry of Finance.
It is worth noting that this overperformance is due to: the extension of the deadline for the payment of traffic fees until the end of February 2022, the better performance of the previous year’s taxes collected in installments until the end of February 2022, the better performance in the collection of the taxes for this year, as well as the collection of the first three installments of ENFIA property tax during the months of May, June and July, while it was predicted that they would be collected in the months of September, October and November respectively.
At the same time, revenue from the Energy Product Tax is down by €196 million, a sign of falling consumption as citizens appear to have cut back on fuel.
Primary deficit
According to the state budget execution data, on a modified cash basis, for the period January – July 2022, there is a deficit in the state budget balance amounting to 4,585 million euros against a target for a deficit of 9,180 million euros that has been included for the corresponding period of 2022 in the introductory report of the 2022 Budget and a deficit of 12,515 million euros in the corresponding period of 2021. The primary result was a deficit of 1,161 million euros, against a target of a primary deficit of 5,808 million euros and a primary deficit of 9,063 million euros for the same period in 2021.
The amount of state budget net revenues amounted to 33,703 million euros, showing an increase of 4,803 million euros or 16.6% compared to the estimate for the corresponding period included in the introductory report of the 2022 Budget, despite the reduced revenues of the Public Investment Program. The increased tax revenue of the seven months was further strengthened during the month of July: (a) by the collection of €644 million from ANFA’s, which was not foreseen in the 2022 Budget and (b) by the €636 million exceeding forecasts for payment for the refundable deposit.
Latest News
ELSTAT: Greek Health Expenditures Reach €5.89 Billion in 2022
Finally, healthcare financing as a percentage of GDP decreased to 8.5% in 2022 from 9.18% in 2021, as per the Health Accounts System report.
Sonoco Paper Mill Plants Close After 30 Years in Greece
The shut down of the two paper mills in northern Greece comes a week after a glass plant closed in Athens
BoG: Private Deposits Down by 1.068bln Euros in Feb. 2024
Corporate deposits decreased by 912 million euros, compared to a decrease of 3.167 billion euros in the previous month
Greeks’ Buying Power Second Lowest in the EU
Greeks’ purchasing power is under pressure, ranking 26th among 27 EU member states.
Greek FinMin Says Digital Work Card Tackling Undeclared Work
Greece's recently launched digital work card aimed at tackling undeclared labor has already started to produce results, said Economy and Finance Minister Kostis Hatzidakis
MSC Cruises: More than 400 Visits to Nine Greek Destinations
MSC Cruises, a subsidiary of international shipping line Mediterranean Shipping Company S.A, will be sailing to Greek ports as of this month, expanding operations in the region year-round
Eurostat: Greece Among Cheaper Hourly Labor Cost Zones
In contrast, the countries that posted the highest hourly labor costs are Luxembourg (53.9 euros), Norway (51.9 euros), Iceland
GSEVEE: Economic Sentiment Indicator in Greece Down in Q2 2023
The drop follows a significant uptick in the ESI in the second half of 2022 (69.5 units) and a slight decline in the first half of 2023 (66.7 units)
Manpower Report: Sectors in Greece that Have Achieved Full Gender Equality in the Workplace
Greece surpasses this with 45%, showcasing progress but also room for improvement. Sectors like Consumer Goods and Services lead with 69% reporting full equality globally
Bank of America (BofA): Three Reasons Greek Economy Outperforms EC Average
BofA projects growth of 1.1% in 2024 and 1.7% in 2025, compared to forecasts for eurozone growth at 0.4%/1.1%, respectively