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Greece Shows €3.5 Bln Primary Surplus in First 7 Months

finance-ministryThe Greek government has achieved a 3.5 billion euro primary surplus in the first seven months of 2016, exceeding the target of 2.7 billion euros.
According to data from the finance ministry, the primary surplus is a result of freezing 3.3 billion euros from state budget expenditures. At the same time there was a 621 million euro shortfall in net revenue. due to the delay of 1 billion euros of revenue from the public investments program.
According to the finance ministry the amount of the state budget net revenue amounted to 28,019 million euros, down by 621 million euros, or 2.2% over the budget target for 2016.
Net revenues of the regular budget amounted to 25,972 million euros, showing a 422 million euros increase, or 1.7% over the 2016 budget target.
In particular, in July 2016 the total net revenue of the state budget amounted to 5,031 million euros, 755 million euros less than the monthly target.
State budget expenditures for the period January – July 2016 period amounted to 28,829 million euros, down by 3,297 million euros against the target (32,126 million euros).
In particular, regular budget expenditures amounted to 27,124 million euros, decreased by 2,397 million euros against the target, mainly due to the reduction in primary expenditures of 2,004 million euros.
Regular budget expenditures have increased by 607 million euros compared to the 2015 corresponding period. An additional 390 million euros have been granted to hospitals, 122 million euros have been allocated for emergency financial assistance to address the humanitarian crisis, 162 million euros for subsidies in agriculture and 46 million euros for ministry of defense armament programs.
The Public Works Program expenditures amounted to 1,705 million euros, 900 million less from the target.

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