State budget shows primary surplus of €2.3 bln in Jan.-May
The budget recorded a primary surplus of €2.3 billion in the 5-month period, up from a budget target for a surplus of €1.39 billion and a deficit of €1.49 billion in the same period in 2022.
Net revenue was €26.25 billion, 12.6% above the target, reflecting higher tax revenue, higher Public Investment Program revenue and the collection of €603 million from ANFAs.
Regular budget revenue was €28.96 billion, 13.3% above the target.
Tax revenue was €22.86 billion, 9.2% above the target; VAT revenue was €9.42 billion, €516 million above the target; special consumption tax revenue was €2.63 billion, €73 million below the target; property taxes totaled €1.30 billion, €59 million above the target; and income tax revenue was €6.16 billion, €633 million above the target.
Tax returns totaled €2.71 billion, €459 million above the target, while Public Investment Program revenue was €1.95 billion, €243 million above the target.
Budget spending in the January-May period was €27.37 billion, against a €383 million target, while regular budget spending was €470 million below the target.
Public Investment Program spending was €3.88 billion, €87 million above the target.
In May, net budget revenue was €5.19 billion, €436 million above the monthly target, while regular budget revenue was €5.77 billion, €506 million above the target.
Tax returns totaled €579 million, €70 million above the monthly target, while Public Investment Program revenue was €197 million, €98 million below the target.
