Greece’s primary surplus may have overreached the target, but it is shrinking due to the limiting of expenditures

Greece’s primary surplus may have overreached the target, but it is shrinking due to the limiting of expenditures.

Between January and June, 2018, the primary surplus was 617mn euros, and was characterised by the drop in public revenues, combined with a high return of taxes.

Revenues are increasing marginally, indicating that the income of taxpayers has “dried up”, and that reaching the surplus target appears difficult.

According to provisional budget execution data, on an adjusted cash accounting basis, for the January-June 2018 period, there is a 2.31bn euro deficit in the state budget balance, compared to a 3.24bn deficit target, which has been included in the explanatory report of the Medium-Term Fiscal Strategy framework for 2019-2022, for the corresponding period in 2018, and a deficit of 1.59bn euros in the corresponding period in 2017.

The primary result was a 617mn euros surplus, with a primary deficit target of 465mn euros and a primary surplus target of 1.94bn eurosfor the same period in 2017.

The net revenues of the state budget were 21.96bn euros, an increase of 131mn euros, compared to the target.  The net revenues of the regular budget were 20.71mn euros, which is 87mn euros (0.4 percent) above the target.

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