Greek January-May government primary budget surplus beats target

ATHENS (Reuters) – Greece’s central government attained an immediate budget surplus of a.539 billion euros ($1.8 billion) from the first five months of the year, well above its target, due to higher tax revenues and minimize spending, finance ministry data showed on Thursday.

The government was targeting a primary budget surplus – which excludes debt-servicing costs – of 180 million euros for any January-to-May period, meaning any additional outperformed the point by 1.359 billion euros.

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

Net tax revenue were only available at 17.32 billion euros, 388 million euros above target, while spending reached 19.23 billion euros, 516 million euros below target.

The government projects a primary budget surplus of 3.8 percent of monetary output in 2010, reported by its 2018 budget. The bailout target is designed for a primary surplus of 3.5 percent of GDP.