Greek state budget posts lower-than-forecast deficit in Jan-Nov 2022 period

The Greek state budget posted a lower-than-forecast deficit in the January-November 2022 period.

Specifically, the state budget – on an amended cash basis – recorded a deficit of 5.648 billion euros in the 11-month period of the year, down from a budget target for a deficit of 6.760 billion euros and a shortfall of 12.267 billion in the same period last year. The primary result showed a deficit of 1.091 billion euros, down from a budget target for a deficit of 2.239 billion, and a primary shortfall of 7.882 billion in 2021.

Budget revenue amounted to 53.430 billion euros, up 0.5 percent from budget targets, while regular budget revenue was 58.981 billion euros, up 0.8 percent from targets. Tax revenue amounted to 50.178 billion euros, up 0.9 percent from targets, with VAT revenue up by 135 million euros, special consumption tax revenue up by 52 million, property tax revenue up by 100 million euros and income tax revenue up 154 million from targets.

Tax returns totaled 5.551 billion euros, up 190 million from targets, while Public Investment Program revenue totaled 2.868 billion, down 75 million from targets.

Budget spending totaled 59.078 billion euros in the January-November period, down 823 million from targets and down 1.665 billion euros compared with the same period in 2021. Regular budget spending was down 824 million from targets.