Tax revenue exceeded targets by 1.3 billion euros in the first two months of 2023, according to provisional state budget execution figures on an amended cash basis. However, part of this increase, worth 470 million euros, covered the delayed payment of car circulation fees initially expected to be paid in December 2022.
Finance Alternate Minister Theodore Skylakakis, commenting on budget execution data said the continuing better performance of tax revenue enhanced the economy’s resilience and confirmed the very strong, growth dynamism of government policies.
The state budget recorded a surplus of 2.294 billion euros in the January-February period, up from a budget target for a surplus of 36 million and a deficit of 910 million euros in the same period last year. The primary result showed a surplus of 4.201 billion euros, up from target for a primary surplus of 1.816 billion and a primary surplus of 840 million in the corresponding period in 2022.
Net revenue was 12.950 billion euros, up 17.7% from targets. Tax revenue totaled 10.047 billion euros, up 15% from targets, while tax return amounted to 784 million euros, up 104 million from targets. Public Investment Programme revenue totaled 1.415 billion euros, up 630 million from targets.
Budget spending totaled 10.656 billion euros, down 311 million from targets, but up 893 million form the same period last year. Regular budget spending were down 141 million euros from targets, while Public Investment Programme spending totaled 1.319 billion euros, down 170 million from targets.
In February, budget revenue totaled 5.784 billion euros, up 1.372 billion from targets, while regular budget revenue was 6.123 billion, up 1.292 billion from targets. Tax revenue amounted to 5.119 billion euros, up 17.9% from targets, tax return totaled 339 million, down 80 million from targets and Public Investment Programme revenue was 814 million euros, up 544 million from targets.