Greece Posts €1.37 Billion Cash Primary Surplus in First Eight Months of 2024

Greece recorded a cash primary surplus of approximately 1.37 billion euros in the first eight months of 2024, as reported by the Bank of Greece (BOG)

Specifically, from Jan. to Aug. 2024, the central government recorded a cash surplus of 1.368 billion euros, compared to a deficit of 964 million euros in the same period of 2023.

During this period, regular budget revenues amounted to 43.422 billion euros, up from 39.678 billion euros last year. On the expenditure side, regular budget spending stood at 38.760 billion euros, slightly down from 39.000 billion euros in the Jan-Aug. 2023 period.

Recent data from the Ministry of National Economy and Finance also revealed that tax revenues have consistently exceeded the set targets,  reaching 43.092 billion euros, surpassing targets by 1.989 billion euros, or 4.8%, partly driven by inflation.

Meanwhile, the primary surplus exceeded 7.5 billion euros, surpassing the target by 4.2 billion euros in the first eight months of 2024.

Preliminary figures for the same period show a surplus of 1.048 billion euros in the state budget balance, a significant improvement from the forecasted deficit of 2.774 billion euros and the 92 million euros deficit recorded in the same period of 2023.

The primary balance, on a modified cash basis, registered a surplus of 7.571 billion euros, compared to a target of 3.316 billion euros and a surplus of 5.596 billion euros in 2023.

It is noted that part of the tax revenue difference, totaling 647 million euros, is attributed to the 2023 fiscal result.

Moreover, delayed payments of 1.854 billion euros to social security funds and 634 million euros in defense expenses do not affect the overall fiscal result. Excluding these delays, the primary surplus for January-August 2024 surpassed the target by 1.12 billion euros.