Greece: January – December 2016 State Budget Execution, and November 2016 General Government Arrears

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WP_20150824_055Global Economic & Market Outlook – Focus Notes (Thursday, January 26 2017)

Greece: January – December 2016 State Budget Execution, and November 2016 General Government Arrears

  • According to the final State Budget Execution data for January – December 2016, the budge balance recorded a deficit of ca €1.14 bn, ca €2.48 bn narrower relatively to the respective 2017 Budget (B17) target (deficit €3.62 bn). The primary balance recorded a surplus of ca €4.44 bn, significantly outperforming the B17 target (primary surplus €1.98 bn) (Table 1).
  • In more detail, ordinary budget net revenue for January – December 2016 (Fig.1) amounted to ca €49.86 bn, higher by ca €1.88 bn (or 3.9%) and €3.27 bn (or 7.0%) compared with the monthly B17 target and the corresponding 2015 figure, respectively.
  • Total tax revenue over-performed by ca €1.70 bn (or 3.7%) with respect to the B17 target. On the direct taxes, revenue from the personal income tax (by 2.0%), the corporate income tax (by 14.1%), the property taxes (8.7%), as well as revenue from other direct taxes (2.0%), outperformed the respective B17 targets. Direct tax arrears revenue was above the respective B17 target by 8.7%. On the indirect taxes, VAT revenue increased by 2.1% compared with the B17 target. VAT revenue on fuel increased by 3.5% [as a result of the higher than previously expected oil prices and the adverse weather conditions (heating oil)] compared with the B17 target…

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GLOBAL FOCUS NOTE_JAN 26 BUDGET EXECUTION

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