Greek state budget recorded a primary deficit of 1.473 billion euros in January, from a budget target for a primary deficit of 1.031 billion and after a primary surplus of 495 million euros recorded in January 2020, the Finance ministry said in a report on Thursday.

The January figures showed that the fiscal impact of an extended lockdown was stronger than initial estimates.

The general government balance showed a deficit of 1.561 billion euros in January from a budget target for a shortfall of 1.091 billion and a deficit of 768 million in January last year. Net revenue was 3.847 billion euros, down 17.4 pct from budget forecasts, while regular budget revenue was 4.121 billion euros, down 16.3 pct from targets.

Tax revenue was 3.660 billion euros, down 8.2 pct from targets, hit by the second wave of the pandemic. Budget revenue exceeded targets in the categories of: stamp (64.4 pct), tax on financial and capital transactions (92.3 pct), other production taxes (37.8 pct), and current taxes (51.5 pct), while revenue fell short of targets in the categories of: VAT on oil products (27.5 pct), VAT on other goods and services (3.8 pct), special consumption tax on energy products (27.4 pct), special consumption tax on tobacco products (11.5 pct), other taxes on specific services (60.7 pct), tax and duties on imports (41.6 pct), property taxes (25.6 pct), income tax (5.5 pct), corporate tax (13.5 pct), and transfers (83 pct).

Tax returns totaled 274 million euros, up by 9.0 million from targets. Public Investment Programme revenue was 145 million euros, down 615 million from targets.

Budget spending totaled 5.409 billion euros in January, down 342 million from targets. Public Investment Programme spending was 927 million euros, up 597 million from targets. Budget spending was up by 728 million euros compared with January 2020.

Greek state budget recorded a primary deficit of 1.473 billion euros in January, from a budget target for a primary deficit of 1.031 billion and after a primary surplus of 495 million euros recorded in January 2020, the Finance ministry said in a report on Thursday.

The January figures showed that the fiscal impact of an extended lockdown was stronger than initial estimates.

The general government balance showed a deficit of 1.561 billion euros in January from a budget target for a shortfall of 1.091 billion and a deficit of 768 million in January last year. Net revenue was 3.847 billion euros, down 17.4 pct from budget forecasts, while regular budget revenue was 4.121 billion euros, down 16.3 pct from targets.

Tax revenue was 3.660 billion euros, down 8.2 pct from targets, hit by the second wave of the pandemic. Budget revenue exceeded targets in the categories of: stamp (64.4 pct), tax on financial and capital transactions (92.3 pct), other production taxes (37.8 pct), and current taxes (51.5 pct), while revenue fell short of targets in the categories of: VAT on oil products (27.5 pct), VAT on other goods and services (3.8 pct), special consumption tax on energy products (27.4 pct), special consumption tax on tobacco products (11.5 pct), other taxes on specific services (60.7 pct), tax and duties on imports (41.6 pct), property taxes (25.6 pct), income tax (5.5 pct), corporate tax (13.5 pct), and transfers (83 pct).

Tax returns totaled 274 million euros, up by 9.0 million from targets. Public Investment Programme revenue was 145 million euros, down 615 million from targets.

Budget spending totaled 5.409 billion euros in January, down 342 million from targets. Public Investment Programme spending was 927 million euros, up 597 million from targets. Budget spending was up by 728 million euros compared with January 2020.