Fiscal "black hole" sucks in half a billion in April!

The public revenue deficit seems to be dramatic since month after month, despite the harsh austerity measures, the “black hole” of the state budget seems to be ever-increasing.

Especially in terms of revenue, in the first quarter the ministry announced that revenue since the beginning of the year has reached 11.123 billion, 1.371 billion below the quarterly target of 12.494 billion. In April, it was proven that the situation completely missed the mark!

Thus, government revenue within that quarter did not exceed 14.460 billion, 1.481 billion less than the same period last year, instead of being 411 million more, according to the state and the Memorandum plan. Thus, revenue deviation has  reached 1.880 billion euros, which is a 509-million deviation, the largest within any given monthly time-frame.

The revenue deficit against its targets also rose by half a billion euro: in March it was 766 million while April saw a deficit of 1.256 billion. As the “black hole” in the regular budget has reached 1.9 billion, another 150 million from the state budget is “missing”, since state spending should have not exceeded 20.84 billion between January and April, but instead it reached 20.99 billion.

Together with this 150 million, the “black hole” has exceeded 2 billion in the regular budget.