Greece continued to beat its budget targets, the Finance Ministry said Wednesday, posting a smaller-than-expected deficit for the central government in the first seven months of the year and a primary surplus three times better than targeted.
The Ministry reported a primary budget surplus of 2.3 billion euros in the first seven-month period, up compared to a budget target for a primary surplus of 800 million euros for the period.
In a statement, the Ministry said the state budget balance from January through July showed a €1.93 billion ($2.6 billion) deficit versus a target of €3.36 billion. The state’s primary budget surplus, which doesn’t take into account interest payments, reached €2.56 billion, compared to a target of €800 million.
Net state budget revenues totalled €29.5 billion in the Jan-July period, up 2.3% from a revised budget target, while regular budget net revenues totalled €26.2 billion, up 1.8% from revised targets.
Tax revenues totalled €24.705 billion, up 2.3% from a revised target, while tax returns totalled €2.002 billion, up €262 million compared to targets.
Public Investment Program revenues totalled €3.285 billion in the January-July period, up €195 million compared to targets.
State budget spending totalled €31.266 billion, down €973 million from a revised target, while regular budget spending totalled €28.302 billion, down €1.220 billion from revised targets.
Regular budget spending was down 7.5% compared to the same period last year, reflecting a 5.8% decline in primary spending.
Public Investment Program spending totalled €2.965 billion, up €247 million from targets and up €845 million compared to the same period last year.
The latest data confirm that Greece is on track to surpass its full-year fiscal targets for the third consecutive year.
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