BUSINESS

Greece achieves primary budget surplus of 520 million euros in Q1 of 2013, says Finance Ministry

Greece had a primary budget surplus of 520 million euros in the first quarter of 2013, the Finance Ministry said on Monday.

This compares to a deficit of 334 million euros in the first three months of 2012.

The surplus has been achieved following a 1.1-billion-euro decrease in public spending. However some revenues have fallen.

The ministry said that value added tax revenues were down 217 million euros year-on-year, while special consumption tax on tobacco products brought in 144 million euros less in the first quarter of this year, compared to 2012.

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