Legal and Finance Reduced revenues of the Greek State budget between January-August 2015
Reduced revenues of the Greek State budget between January-August 2015
According to the performance data of the government budget, the period January-August 2015 presented a deficit in the balance of 1.104 million Euros against a deficit of 2.849 million Euros in the respective period of 2014 and the deficit target of 1.694 million Euros.
The amount of net revenue of the government budget amounted to 30.765 million Euros, which was decreased by 4.153 million Euros or 11.9% according to the target, of which: 1.724 million Euros amount to the shortfall in revenue from efficiencies of holding bonds in the portfolios of central banks of the Eurosystem (ANFAs & SMPs), and 917 million Euros amount to the shortfall in taxes on property, and is due to non-establishment and collection of the first two tranches of the ENFIA tax.
Net revenues of the ordinary budget amounted to 28.699 million Euros, decreased by 4.070 million Euros or 12.4% of the target.
The expenditure of the Public Investment Budget (PIB) amounted to 1.563 million Euros, decreased by 1.527 million Euros against the target (3.090 million Euros) and 1.745 million Euros compared to the same period last year.
The reduced level of expenditure of the state budget is mainly due to the redefinition of cash planning based on liquidity conditions that prevailed in the previous months. It is estimated that following the gradual normalization of cash flow the amount of expenditure will gradually emerge to the levels of the budget targets.