Greek state budget showed primary surplus of 595 million euros in Jan-March

The Greek state budget recorded a primary surplus of 595 million euros in the January-March period, up from a budget target for a surplus of 426 million euros, but down from a primary surplus of 1.443 billion euros in the corresponding period in 2019, the finance ministry said in a report on Wednesday.

The general government balance showed a deficit of 1.722 billion euros in the three-month period, from a budget target for a shortfall of 1.782 billion. More specifically, net revenue totaled 11.204 billion euros in the first three months of 2020, down 0.6 pct from budget targets, while regular budget net revenue was 12.262 billion euros, up 0.1 pct from targets. Tax returns amounted to 1.058 billion euros, up by 74 million euros from targets. Public Investment Programme revenue was 906 million euros, down 92 million from targets.

Budget spending in the first quarter was 12.926 billion euros, down 125 million from targets and up 172 million euros compared with the same period last year, reflecting a 264 million euros increase in spending in the Public Investment Programme.

In March, net revenue was 3.647 billion euros, up 403 million from targets, reflecting the collection of 779 million euros from the Bank of Greece (annual dividend and ANFAs and SMPs). Regular budget revenue was 3.982 billion euros, up 400 million from monthly targets. Public Investment Programme revenue was 475 million euros, up 250 million from monthly targets, while tax returns totaled 335 million euros, down 4.0 million from targets. Budget spending in Marth totaled 4.262 billion euros, up 50 million euros from targets.