State revenues miss target by 268 mln euros in March
The net revenues of the state’s regular budget missed their target by 268 million euros in March, serving as a warning for the government, although they beat their target by 407 million euros in the first quarter of the year, according to official figures released on Tuesday by the Finance Ministry.
At the same time, the expenditure of the Public Investments Program declined to an extent that has played a decisive role in the huge primary surplus overrun. The program’s spending was almost cut in half in the first quarter, amounting to 348 million euros and missing the target by 332 million. This was despite the fact that the inflow of funds for investments from Brussels was 465 million euros above target.
In total, the state budget showed a 2.36-billion-euro primary surplus, against a target for 1.09 billion euros, while the balance of the budget (including interest payments) posted a surplus of 454 million euros against a target for a deficit of 816 million.