By Thanasis Adamopoulos

 

Greek state budget recorded a primary surplus of 3.07 billion euros in the first three months of 2023 helped by a significant increase in tax revenue, the Finance Ministry said on Wednesday.

 

In a report on budget execution in an amended cash basis for the period January-March 2023, the Finance Ministry said that tax revenue totaled 13.682 billion euros in the three-month period, up 12.4% from budget targets, helping the state budget to record a primary surplus of around 3 billion euros.

 

Finance Alternate Minister Theodore Skylakakis, commenting on the report, said the March figures confirmed the fact that the Greek economy was performing significantly better than expected. "The country was moving towards general elections in an environment of fiscal stability and improved economic performance," he noted.

 

The general government balance showed a surplus of 211 million euros in the January-March period from a budget target for a deficit of 2.602 billion and a deficit of 3.884 billion in the corresponding period last year. The primary surplus totaled 3.07 billion euros, from a budget target for a surplus of 28 million and a primary deficit of 1.65 billion euros in 2022.

 

Net budget revenue was 16.83 billion euros, up 15.6% from targets, with tax revenue totaling 13.682 billion euros, up 12.4% from targets. Tax returns totaled 1.721 billion euros, up 368 million from targets, while Public Investment Programme revenue was 1.679 billion euros, up 334 million from targets.

 

In March, budget revenue was 3.864 billion euros, up 306 million from monthly targets, with tax revenue totaling 3.692 billion euros, up 7.7% from targets. Tax returns totaled 938 million euros, up 264 million from targets, while Public Investment Programme revenue was 263 million euros, down 297 million from monthly targets.