Greece achieves primary budget surplus

However, surplus is due to external financial aid

Greece achieves primary budget surplus

by

Elena Ralli
12/08/2013 - 12:33pm
Greece beat its fiscal targets in the first seven months of 2013, showing a primary budget surplus due to financial aid from euro zone central banks and EU funds, according to finance ministry figures released earlier today.
In particular, a primary budget surplus - before interest payments - of 2.57 billion euros was observed. That compares with an interim target for a deficit of 3.14 billion euros, according to the Greek finance ministry. The budget excludes the finances of local authorities and social security organizations.
As Deputy Finance Minister Christos Staikouras said in a statement: "[The data] make the achievement of a primary budget surplus at the end of the year for the general government all the more feasible."
However, the surplus is due to the fact that Greece received more EU subsidies than expected and also spent far less of them on investment projects than initially planned.
The figures also include about 1.5 billion euros in one-off revenue from euro zone central banks earned from Greek government bonds. Moreover, budget spending fell to 32.7 billion euros from 40.8 billion euros in the first seven months of 2013, while income rose 11.4% reaching 30.8 billion euros.
On the other hand, according to the figures, gross tax revenues are about 1.5 billion euros million euros behind target due to the severe, six-year recession that has affected the economy. At the same time, Greece cut primary spending by 10% to 25.1 billion euros, beating its target by 1.88 billion.
Finally, according to the Greek Statistics Office, in 2013, GDP was reduced by 5,6% compared to 5,7% -6,7%  in 2012 while the recession of the economy was 4,6%.      europe on line

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