June budget data confirm economy is on recovery course

June budget data confirm economy is on recovery course

The June state budget figures released on Thursday showed a significant improvement in state finances, and confirmed the start of an economic recovery in the country, Alternate Finance Minister Thodoros Skylakakis said.

He added that mass participation by the citizens in the national vaccination campaign was key to preserving this momentum in the next crucial months.

Skylakakis said that tax revenue totaled 3.332 billion euros in June, 3% above the budget target. Ministry sources said the goal set for tourism revenue this year (45% of 2019 figures) was feasible.

According to provisional budget execution data, on an amended cash basis, in the period January-June 2021, the state budget recorded a deficit of €12.215 billion, compared to a budget target for a shortfall of €12.950 billion and a deficit of €9.232 billion in the same period last year.

The primary result showed a deficit of €9.088 billion in the six-month period, compared to a budget target for a shortfall of €9.919 billion and a primary deficit of €6.101 billion in the same period in 2020.

Net revenue was €21.977 billion, 0.4% above the budget target, while tax revenues came to €20.191 billion, 0.7% higher than targeted. Tax returns totaled €2.068 billion, reaching the budget target, and Public Investment Program (PIP) revenues amounted to €2.071 billion, €17 million above the target.

State budget spending totaled €34.192 billion in the January-June period, 1.8% below the target, but €5.965 billion more than the corresponding period last year.

In June, the budget revenues came to €3.702 billion, €58 million above the monthly target, while regular budget takings reached €4.126 billion, €58 million above the target. Tax returns totaled €424 million and PIP revenues came to €389 million, €17 million above the budget target.

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