ECONOMY

Jan-May primary deficit beats target, says Greek Finance Ministry

The preliminary figures on Greece’s budget execution for the first five months of the year published on Monday indicate that the primary deficit is at 984 million euros.

The January-May budget deficit was at 3.8 billion euros. Both figures are 3.2 billion euros better than the target set in the 2013 budget.

The primary deficit was 58.1 percent lower than during the first five months of last year.

Alternate Finance Minister Christos Staikouras said that delays in sending some tax notices meant that revenues were lower than forecast.

Revenues were down 8 percent compared to the same period last year, while primary expenditure was down 11.3 percent.