Budget Deficit Falls Sharply in H1

Budget Deficit Falls Sharply in H1

Greece’s state budget deficit fell to 4.991 billion euro in the first six months of 2013, from 12.477 billion euro in the like period a year earlier, the Athens News Agency reported quoting finance ministry data.
The country’s state budget sets a 7.194 billion euro gap target.
Primary deficit stood at 1.511 billion euro in the January-June period, compared to 3.316 billion euro last year and a budget target for a shortfall of 3.877 billion euro, the ministry said.
Revenues amounted to 22.572 billion euro in the six-month period, down 3.6% from target. Income tax proceeds were down by 39.1% compared with budget targets in June, because of an extension given to deadlines for tax income statements.
Direct tax proceeds were down 39.2%, while consumption taxes fell short by 18.9%.
Spending totalled 27.564 billion euro, down by 3.053 billion euro compared with budget targets. 
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