Primary Surplus Almost Four Times the Target Amount

Greek authorities on Tuesday reported a primary surplus of 707 million euros in the first five months of 2014. The Ministry of Finance, in a report on the final figures of budget execution, said that the state budget reported a deficit of 1,990 billion euros in the January-May period, down from the deficit of 3,843 billion euros of last year and from an updated budget target for a deficit of 2,559 billion euros. The budget showed a primary surplus of 707 million euros from a primary deficit of 970 million euros that was a year ago and from a budget target of a primary surplus of 208 million euros. Net state budget revenues totalled 19,600 billion euros, up 0.2 pct from budget targets, while net regular budget revenues totalled 17,300 billion euros, up 0.3 pct compared with budget targets. Tax revenues amounted to 16,060 billion euros, up 0.9 pct from target. State budget spending totalled 21,590 billion euros, down 529 million euros compared with the target. Regular budget spending amounted to 19,810 billion euros, down 641 million from budget target reflecting a decline in primary spending by 459 million euros. Regular Greece ‘s budget spending was down 9.4 pct compared to the same period last year. (source: ana-mpa)

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