Greek state budget posts lower primary deficit than forecast

Greece’s state budget posted a primary deficit of 6.676 billion euros in 2022, down from a budget target shortfall of 8.506 billion euros and a primary deficit of 10.327 billion euros in 2021, the finance ministry announced on Monday.

Specifically, according to provisional data from the executed budget, on an amended cash basis, the state budget posted a deficit of 11.680 billion euros in 2022, down from a budget target for a deficit of 13.4 billion euros and a deficit of 14.872 billion euros in 2021. Alternate Finance Minister Theodoros Skylakakis, in referring to the figures, said they were compatible with the set target.

Net revenue reached 59.598 billion euros, down 0.4 percent from budget estimates, while regular budget revenue reached 65.751 billion euros, down 0,1 percent from the prescribed target. Tax revenue totaled 55.316 billion euros, up 0.3 percent from the target; tax returns totaled 6.153 billion euros (up 159 million from the target), while Public Investment Program revenues totaled 3.573 billion euros, down 885 million from target.

Budget spending was 71.278 billion euros, down 2.7 percent from targets, while regular budget spending was down 1.384 billion from targets. Budget spending was up by 1.528 billion euros compared with 2021.

In December 2022, budget revenues totaled 6.168 billion euros, down 543 million from monthly targets, while regular budget revenue was 6.770 billion, down 574 million from 2023 budget estimates. Tax revenue was 5.137 billion euros, down 4.9 percent from the target, while tax returns totaled 601 million euros, down 31 million from targets. Public Investment Program revenue was 705 million euros, down 811 million from target.