Budget execution below targets in August

Friday, September 15th, 2017
Last Update: 10:45
The primary surplus for the 8 months to end August amounted to €3.55bn, €22m lower than the targeted amount, according to the provisional state budget execution data.The shortfall relative to July (when the primary surplus was €955m above targets) stems from the substantial revenue miss in August (€1bn below target) and the somewhat increased tax refunds. According to the govt, the revenue shortfall is due to the delayed collection of the property tax, which had originally been budgeted for collection in August but will be collected in September.

In this respect, govt officials argued that Greece is on track to deliver the 1.75% primary surplus envisaged by the program for 2017. Overall, in the 8-months the state budget deficit narrowed to €1.3bn from €2.7bn in the same period last year and just €39m lower than the respective target.

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