ECONOMY

Recession hits January revenues

Provisional Finance Ministry figures in Greece show that its deficit in January was 490 million euros ($652 million), with revenues remaining in line with revised targets, but weakened by falls in consumer spending and revenues from a one-off tax on businesses coming to a halt.

The ministry?s General Accounting Office said on Friday that January revenues were 4.87 billion euros ($6.48 billion), just beating revised targets, but worse than last year?s figure of 5.12 billion euros ($6.82 billion).

It said the government was still running a primary deficit ? a net loss before including interest payments ? of 33 million euros in January. [AP]