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Athens News Agency: News in English, 12-03-02

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From: The Athens News Agency at <>


  • [01] State Budget deficit at 490 million euros in Jan.

  • [01] State Budget deficit at 490 million euros in Jan.

    AMNA-The deficit of the State Budget amounted to 490 million euros in January 2012, with the primary deficit equaling 33 million euros, according to figures on the execution of the State Budget released on Friday by the finance ministry, which clarified that this data is not part of the General Government State Budget under the ESA (European System Accounts), in relation to which both the annual and the MTFS (Medium-Term Fiscal Stabilisation) fiscal targets are being formed.

    Specifically, according to the ministry announcement, State Budget net revenues in January 2012 amounted to 4,872 million Euros, slightly exceeding the monthly target (4,795 million Euros) set out in the 2012 Supplementary Budget voted by Parliament on February 28 and agreed with the EC/ECB/IMF during the 6th Review.amna

    On a year-on-year basis, net revenues have declined, mainly due to a reduction in direct tax revenue following the expiry of an extraordinary levy on profitable enterprises imposed in 2011 and lower indirect tax receipts (mainly VAT) due to the substantial year-on-year reduction of domestic demand (approximately -9.3% in real terms). By contrast, there were year-on-year improvements in collection of tax arrears due to intensified audits and in excise tax revenues due to an increase in the rate charged on tobacco, the ministry said.amna

    State Budget expenditures were equal to 5,362 million Euros in January 2012, well within the monthly target set in the 2012 Supplementary Budget (5,439 million Euros) although they exceeded the level during the equivalent period a year ago by 395 million Euros, it said, attributing this year-on-year growth in spending to higher Ordinary Budget primary expenditures (410 million Euros) and transfers to hospitals (180 million Euros) to settle past years' debts.

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