FinMin Figures Show Primary Budget Surplus Climbed to €7.416 Billion for January-November

Friday, December 30th, 2016
Last Update: 12:44

On Thursday the Finance Ministry released figures explaining the current standing with the primary budget surplus. According to their publishing, the first 11 months of 2016 saw a primary budget surplus climb to 7.416 billion euro.

The climb of the primary budget surplus is being accredited to the over-performance of revenues and low expenditures. The Finance Ministry also said that the surplus is, thus far, 3.8 billion euros more than what the projected target was for the 2016 and is expected to exceed more than 1 percent of gross domestic product (GPD). The increase is noted as a positive growth from 2015 where the primary surplus was 4.339 billion euros.

Some specific statistics released by the Ministry showed that the State budget net revenue amounted to 47.942 billion euros, up 3.2 percent from budget targets, while the regular budget net revenue grew 3.3 percent from targets resulting in 44.652 billion euros.

On the other hand, budget revenue fell short of budget targets in property taxes at only 0.9 percent, as well as consumption tax on energy at only 0.9 percent. Also, vehicle registration stamp was off target at only 20.4 percent and privatization revenue at 26.1 percent.

Also revealed was that tax returns totaled 2.681 billion euros, which was down 201 million euros from budget targets set for the year.

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