Greek tax revenues significantly exceed targets in Q1 2023

Tax revenues in Greece significantly exceeded targets in the first quarter of 2023, the relevant finance ministry announced on Wednesday.

In a report on budget execution, on an amended cash basis for the January-March 2023 period, the ministry said tax revenues totaled 13.682 billion euros in Q1, up 12.4 percent from budget targets, thus causing the state budget to record a primary surplus of around three billion euros.

Alternate Finance Minister Theodoros Skylakakis, commenting on the report, said the figures confirmed that the Greek economy was performing significantly better than expected.

“The country is heading towards general elections in an environment of fiscal stability and an improved economic performance,” he said.

The general government balance showed a surplus of 211 million euros in the January-March 2023 period, up from a budget target for a deficit of 2.602 billion euros and a deficit of 3.884 billion euros in the corresponding period last year.

The primary surplus totaled 3.070 billion euros, up from a budget target for a surplus of 28 million and a primary deficit of 1.650 billion euros in 2022.

Net budget revenue totaled 16.830 billion euros, up 15.6 percent from the target, with tax revenue totaling 13.682 billion euros, up 12.4 percent from target.