Greece reports 2.5 Billion Euros Primary Surplus in Jan Sept

Greece reports 2.5 Billion Euros Primary Surplus in Jan Sept

Greece on Tuesday reported a primary budget surplus of 2.5 billion euros, or 1.4 pct of GDP, in the January-September period, up from a medium-term programme's target of 1.5 billion euros, or 0.8 pct of GDP.
A Finance ministry report said that the general government's primary surplus totaled 2.5 billion euros, or 1.3 pct of GDP in the January-August period, up from a primary surplus of 1.2 billion, or 0.6 pct of GDP in the corresponding period in 2013.
In announcement, the ministry said that these figures confirmed an estimate that the Greek government was very near to achieving and surpassing a fiscal target for a primary surplus of 1.5 pct of GDP in 2014, allowing the government to introduce, focused, positive interventions, such as a cutting an extra solidarity tax by 30 pct,maintaining a 13 pct VAT on restaurant/hotel services, reducing a special consumption tax on heating oil by 30 pct, lowering social insurance contributions and distributing a "social dividend" to citizens in need.

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