Greece Reports Primary Surplus Of 712 Mln Euros in H1 2014

Greece Reports Primary Surplus Of 712 Mln Euros in H1 2014

Greek authorities on Monday reported a primary budget surplus of 712 million euros in the first six months of the year from a primary deficit of 1.511 billion euros in the corresponding period in 2013, up compared with a budget target for a primary surplus of 635 million euros in the January-June period.
Net state budget revenues totaled 23.620 billion euros in the first half, up 1.1 pct from a revised budget target, while regular budget net revenues totaled 20.651 billion euros, up 0.3 pct from revised targets.
Tax revenues totaled 19.135 billion euros, up 1.1 pct from a revised target, while tax returns totaled 1.558 billion euros, up by 96 million euros compared with targets. Public Investment Program revenues totaled 2.969 billion euros in the January-June period, up 176 million euros compared with targets.
State budget spending totaled 26.034 billion euros, down 1.195 billion euros from a revised target, while regular budget spending totaled 23.672 billion euros, down 1.240 billion from revised targets. Regular budget spending were down 8.2 pct compared with the same period last year, reflecting a 6.3 pct decline in primary spending.
Public Investment Program spending totaled 2.362 billion euros, up 44 million from targets and up 590 million euros compared with the same period last year.
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