Greek Primary Surplus of 707 Million Euros

primary suplus
Greek authorities on Monday reported a primary budget surplus of 707 million euros in the first six months of the year from a primary deficit of 1.511 billion euros in the corresponding period in 2013. This is more than the target of 635 million in surplus that was set for the January-June period.

A Finance Ministry announcement said that according to completed data on budget execution, on an amended cash basis, the state budget recorded a deficit of 2.419 billion euros in the first six months of the year, down from a deficit of 4.991 billion euros last year, which is also lower than the revised budget target of 3.856 billion euros in deficit.

Net state budget revenues totaled 23.615 billion euros in the first half, up 1.0 percent from a revised budget target, while regular budget net revenues totaled 20.646 billion euros, up 0.3 percent from the revised targets. Tax revenues totaled 19.021 billion euros, up 0.5 percent from a revised target, while tax returns totaled 1.558 billion euros, up by 96 million euros compared to target.

Public Investment Program revenues totaled 2.969 billion euros in the January-June period, up 176 million euros compared to the target set. State budget spending totaled 26.034 billion euros, down 1.195 billion euros from the revised target, while regular budget spending totaled 23.672 billion euros, down 1.240 billion from the revised target. Regular budget spending was down 8.2 percent compared to the same period last year, reflecting a 6.3 percent decline in primary spending.

Greece ‘s Public Investment Program spending totaled 2.362 billion euros, up 44 million from target and up 590 million euros compared to the same period last year.