Skip to main content

Lower budget deficit fuelled by tax revenue boom


Τax revenues amounted to 2.24 billion euros in the first half of the year

The Greek state budget showed a deficit reduced by 1.8 billion euros in the first half of the year, compared with the estimates.

It also showed a primary surplus of 2.114 billion euros, up 2.5 billion euros, compared with the finance ministry’s estimate (415 million euros).

Net revenue was 30.870 billion euros, up 4.1% from targets, reflecting higher tax revenue and the collection of 603 million euros from ANFAs.

More specifically, tax revenues amounted to 2.24 billion euros in the same period.

However, higher tax revenues came mainly from the soaring prices of consumer products, which led to higher VAT receipts, as well as other indirect taxes imposed on various commercial and other economic transactions, exceeding the forecasts of the Finance Ministry. It should be noted that the VAT rates in Greece are among the highest in the European Union and contribute mainly to the state coffers.

Furthermore, the surplus is also due to the increase in taxable incomes declared by individuals and legal entities for the years 2021 and 2022, which caused a significant increase in this year’s income tax revenues.