Tax revenue significantly surpassed targets in the first quarter of 2023, the finance ministry said on Wednesday. In a report on budget execution on 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.
Alternate Finance 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 suplus 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 3.070 billion euros, from a budget target for a surplus of 28 million and a primary deficit of 1.650 billion euros in 2022.
Net budget revenue was 16.830 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, down 297 million from monthly targets.
In the January-March period, budget spending totaled 16.619 billion euros, down 545 million from targets. Regular budget spending was down 371 million from targets. Public Investment Programme spending totaled 2.029 billion euros, down 174 million from targets.