Greek budget posts 2.3 bln€ primary surplus Jan-May 2023

The Greek state budget posted a deficit of 1.116 billion euros in the January-May 2023 period, significantly lower than a target for a deficit of 4.446 billion euros, and a shortfall of 4.06 billion euros in the corresponding period last year.

The state budget recorded a primary surplus of 2.3 billion euros in the first five-month period of the year, up from a budget target for a surplus of 1.396 billion euros and a deficit of 1.487 billion euros in the corresponding period in 2022.

Net revenues were 26.252 billion euros, up 12.6 percent from target, reflecting higher tax revenues, higher Public Investment Program revenue and collection of 603 million euros from Agreement on Net Financial Assets (ANFAs). Regular budget revenues reached 28.958 billion euros, up 13.3 percent from the target.

Tax revenues totaled 22.866 billion euros, up 9.2 percent from the target, VAT revenues reached 9.417 billion euros, up 516 million euros in the target.

Budget spending in the January-May 2023 period was 27.368 billion euros, down 383 million euros from targets, while regular budget spending was down 470 million euros from the target.

In May, net budget revenues were 5.195 billion euros, up 436 million euros from the monthly target, while regular budget revenues were 5.774 billion euros, up 506 million euros from the target.