Primary budget surplus at 2.9 billion euros in January-August

Greece on Tuesday reported a primary budget surplus of 2.922 billion euros in the January-August period, surpassing a budget target for a surplus of 2.496 billion euros and after a primary deficit of 1.414 billion euros in the corresponding period last year.

The state budget recorded a deficit of 2.441 billion euros in the eight-month period, sharply down compared with a budget target for a deficit of 7.833 billion euros and a budget deficit of 12.484 billion euros in the same period in 2012.

The finance ministry, in a report on the provisional budget figures (on a cash basis) for the January-August period, said that net budget revenue totalled 34.943 billion euros, up 5.9 pct from a budget target of 32.987 billion euros. Regular budget net revenue was 30.964 billion euros, or 3.9 pct higher from a budget target of 29.807 billion.

Revenues from indirect taxes surpassed targets by 26.5 pct in August, overshadowing a shortfall in revenues from direct taxes in the same month. The ministry attributed the shortfall in tax revenues exclusively to income tax and other taxes from previous year due to a delay in submitting income tax statements and delay in collecting property taxes.

State budget revenues totalled 37.384 billion euros, down from a budget target of 40.820 billion euros. Regular budget spending was 34.840 billion euros, down 18.9 pct compared with the same period last year, reflecting a 9.1 pct decline in primary spending and a 51.6 pct drop in capital spending.

Source: Athens News Agency