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22ndannualcapital

2,282 mln euro primary surplus in May 2016, FinMin says

According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - May of 2016 presented a deficit of 814 million Euros, against the target of 2016 Budget of deficit of 3,880 million Euros and the deficit of 1,399 million Euros for the same period of 2015.

The State Budget Primary Balance amounted to a surplus of 2,282 million Euros, against the primary deficit target of 820 million Euros and the primary surplus of 1,506 million Euros performed at the same period of the previous year.

State Budget net revenues amounted to 19,208 million Euros, showing an overperformance of 328 million Euros or 1.7% against the target.

Ordinary Budget net revenues amounted to 17,263 million Euros, 773 million Euros or 4.7%, higher than the target.

Particularly, during the period of January-May 2016 there was an increase against the target in the following main revenue categories:

a) Personal Income Tax (PIT) by 31 million Euros or 1.2%,

b) Direct Tax Arrears by 124 million Euros or 15.6%,

c) Other Direct Taxes by 77 million Euros or 9.8%,

d) VAT tobacco by 40 million Euros or 16.3%

e) VAT other by 112 million Euros or 2.3%,

f) Tax on Vehicles by 35 million Euros or 77.7%

g) Other Excise Taxes (Tobacco, etc) by 129 million Euros or 12.2%,

h) Indirect Tax Arrears by 188 million Euros or 76.2%,

i) Drawings From E.U. by 146 million Euros or 179.5%,

j) Other Non-Tax Revenue by 423 million Euros or 27.9%.

During the same period there was an underperformance against the target in the following main revenue categories:

a) Income Tax Other by 42 million Euros or 8.4%,

b) Property Taxes by 61 million Euros or 5.9%,

c) VAT Fuel by 129 million Euros or 18.1%,

d) Excise Tax on Fuel by 46 million Euros or 2.8%,

e) Other Consumption Taxes by 77 million Euros or 38.3%,

f) Other Indirect Taxes by 47 million Euros or 25.3%,

g) Liquidity support plan proceeds by 54 million Euros or 54.5%.

Tax refunds amounted to 1.206 million Euros, increased against the Budget 2016 target (1.078 million Euros) by 128 million Euros.

PIB revenues amounted to 1,945 million Euros, decreased against the target by 445 million Euros.

Particularly, in May 2016 the State Budget net revenues amounted to 3,194 million Euros, 476 million Euros higher than the monthly target.

Ordinary Budget net revenues amounted to 3,159 million Euros 451 million Euros higher than the monthly target.

The increase in revenues in May 2016 is mainly due to:

a) Personal Income Tax (PIT) by 158 million Euros,

b) Property Taxes by 40 million Euros,

c) Other Direct Taxes by 37 million Euros,

d) VAT tobacco by 50 million Euros,

e) VAT other by 129 million Euros,

f) Other Excise Taxes (Tobacco, etc) by 174 million Euros,

The decrease in revenues in May 2016 is mainly due to the following categories:

a) Direct Tax Arrears by 38 million Euros,

b) Liquidity support plan proceeds by 41 million Euros,

Tax refunds for the period of May 2016 amounted to 228 million Euros, increased against the monthly target (162 million Euros) by 66 million Euros.

State Budget expenditures for the period of January - May of 2016 amounted to 20,022 million Euros, 2,738 million Euros lower than the target (22,760 million Euros).

Specifically, ordinary Budget expenditures amounted to 18,908 million Euros and were decreased by 2,367 million Euros against the target, mainly due to the reduction of primary expenditure by 2,056 million Euros.

Ordinary Budget expenditures were decreased compared to the respective period of 2015 by 145 million Euros. Expenditures increased by 97 million Euros for allowance for tackling humanitarian crisis, 138 million Euros for agricultural subsidies and 10 million Euros for military procurement for the Ministry of National Defence.

PIB expenditure amounted to 1,114 million Euros, lower by 371 million Euros than the target.

For May in particular, State Budget expenditures amounted to 3,854 million Euros, 460 million Euros lower than the monthly target, while Ordinary Budget expenditures amounted to 3,659 million Euros, showing an underperformance of 290 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 195 million Euros showing an underperformance of 170 million Euros against the monthly target.