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Greek Jan-Oct govt budget surplus slightly above target
November 14, 2017 / 1:46 PM / 9 days ago

Greek Jan-Oct govt budget surplus slightly above target

ATHENS, Nov 14 (Reuters) - Greece’s central government attained a primary budget surplus of 5.355 billion euros ($6.28 billion)in the first ten months of the year, slightly above target due to lower spending, finance ministry data showed on Tuesday.

The government’s target was for a primary budget surplus - which excludes debt-servicing costs - of 5.239 billion euros for the January-to-October period, meaning the surplus outperformed the target by 116 million euros.

The central government surplus excludes the budgets of social security organizations and local administration. It is different from the figure monitored by Greece’s EU/IMF lenders but indicates the state of the country’s finances.

Net tax revenue came in at 39.27 billion euros, 2.27 billion euros below target, while spending reached 38.45 billion euros, below a target of 40.30 billion euros.

The government estimates a general government primary budget surplus of 2.2 percent of GDP this year, based on its 2018 draft budget. The bailout target is for a primary surplus of 1.75 percent of GDP. (Reporting by Angeliki Koutantou and Renee Maltezou)

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