The Greek state budget deficit totalled 19.161 billion euros in the January-September period, down from a revised budget target of 19.242bn euros, but sharply up from a deficit of 16.650bn euros in the corresponding period in 2010, a finance ministry announcement showed this week.
Budget revenues surpassed a revised target by 5.0 million euros, while spending fell by 76m euros. Net budget revenues totalled 34.980bn euros in the nine-month period, for a decline of 4.2 per cent compared with the same period last year, down from 5.3 per cent decline in the January-August period, reflecting higher than expected economic recession and lower tax receipts.
The Public Investment Program’s revenues grew 39.2 per cent, or 529m euros, compared with the same period in 2010. The ministry said a current shortfall in revenues was expected to be covered in the last quarter of the year with the yielding of new tax measures.
The nine-month revenues are cash based. Regular budget spending grew 7.0 per cent in the January-September period, from the corresponding period last year, reflecting higher interest payments, higher subsidies to pension funds and unemployment benefits and higher financial support to state hospitals. Primary spending grew 2.9 per cent, or 1.05bn euros. The Public Investment Program’s spending fell 35.1 per cent, or 1.9bn euros in the nine-month period.
