Budget revenue exceeded target in January-August

Tax revenue surpassed the target by 5.5 billion euros in the January-August period, with August tax revenue exceeding the monthly target by €1.3 billion, the Finance Ministry said on Monday. A report on budget execution in an amended cash basis in the January-August period showed a general government deficit of €4.105 billion, compared to a budget target for a deficit of €9.992 billion and after a €10.519 billion shortfall recorded in the same period last year. The budget showed a primary surplus of €19 million, compared to a budget target for a primary deficit of €5.942 billion, and a primary deficit of €6.381 billion in 2021. Net budget revenue was €39.232 billion, 17% above the target, while regular budget revenue was €42.808 billion, 17.6% above the target. Tax revenue was €35.734 billion, 18.2% above the target, social contributions revenue was €37 million, €1 million above the target, transfer revenue totaled €4.318 billion, €125 million below the target, revenue from sales of goods and services totaled €555 million, €171 million above the target, other revenue totaled €2.155 billion, €834 million above the target, while fixed property asset sales totaled €7 million, against a zero target. Tax returns totaled €3.575 billion, €704 million above the target, while Public Investment Program revenue was €1.921 billion, €849 million below the target. Budget spending totaled €43.337 billion in the eight-month period, €192 million below the target. Regular budget spending was €864 million below the target.