Greece’s state budget posted a primary surplus of 5.596 billion euros in the January-August 2023 period, up from a budget target for a surplus of 2.314 billion and after a primary surplus of 19 million euros in the corresponding period in 2022, the finance ministry announced on Monday.

Specifically, calculated on an amended cash basis, the state budget posted a deficit of 92 million euros in the eight-month period, compared to a budget target for a deficit of 2.426 billion euros and a shortfall of 4.105 billion euros in the same period last year.

Net revenue reached 43.118 billion euros, up 0.1 percent from the target. Regular budget revenue was 47.636 billion, up 1.8 percent from targets. Tax revenue reached 39.838 billion euros, up 9.2 percent from target, reflecting an increase in VAT remittances of 805 million euros, a decrease in special consumption tax revenues by 60 million euros, an increase in property taxes by 10 million euros, and a rise in income tax revenues by 1.710 billion euros.

Budget spending totaled 43.210 billion euros in the January-August 2023 period, down by 2.273 billion euros from the target, and lower by 127 million euros compared with the corresponding period in 2022. Regular budget spending was down by 1.484 billion euros from targets. Public Investment Programme spending reached 5.842 billion euros, down by 789 million from targets.

In August, net revenue was 5.970 billion euros, up by 599 million from the monthly targets, while regular budget revenue was 6.541 billion, up 735 million euros from targets. Tax returns totaled 571 million euros, up 136 million euros from the monthly targets.

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