Greece Reports 711 mln Primary Budget Surplus



surplus

According to provisional data on the Greek national budget, the deficit on the first five months of 2014  is 1.985 million euros, compared to 3.843 million euros on the same period in 2013.  The figure surpassed the government’s expectations, since the goal was set to 2.559 million euros for the period from January to May 2013.   Greece’s budget execution also showed a primary surplus of 711 million euros this year, compared to a  primary deficit of 970 million euros last year.

Net revenues are up to 19.605 million euros, increased by 45 million euros or 0.2 percent of the target set. Regular budget net revenues have reached 17,305 million euros beating the target set by 62 million euros or 0.4 percent.

Tax income reached 16,174 million euros, again surpassing the target set, by 254 million euros or 1.6 percent.

Refunds have increased by 85 million euros reaching up to 1,269 million euros, exceeding the target set at 1.184 million euros. Public Investment Program revenues reached 2,300 million euros, 16 million euros below target.

Budget expenditures followed a downward trend, slipping to 21,591 million euros instead of 22,119 million euros where the original goal was set.

More specifically, budget expenditures were 19.810 million euros, down by 641 million euros, mostly due to a primary expenditures decrease of 459 million euros compared to the target. Compared to the same period 2013, regular budget spending fell by 2,057 million euros or 9.4 percent.  This is mainly attributed to the total primary expenditures being decreased by 1,528 million euros or 8.4 percent compared to 2013, despite the fact that 169 million euros were spent on social dividends and another 42 million euros on heating allowances.

Finally, Public Investment Budget expenditures were estimated at 1,780 million euros indicating a 113 million increase compared to the target set and a 639 million increase compared to the same months in 2013.