Budget deficit beats the target

The state budget is continuing to show significant progress after August data came in, as preliminary figures released Friday by the Finance Ministry showed a primary surplus for the month, reducing the deficit of the first eight months of the year to almost 12.5 billion euros.

Against an original target for the budget deficit to end-August to amount to 15.21 billion euros and the primary deficit at 4.2 billion, data put the deficit at 12.48 billion and the primary deficit — which does not include payment of loans interest — at just 1.41 billion euros. The deficit is therefore 33.1 percent smaller than in the same period last year. August showed a primary surplus of 733 million euros.

Revenues lagged the target by about 2 billion euros, as they amounted to 33.1 billion, but this was more than offset by the considerable curtailing of public spending, which was reduced by 4.78 billion euros compared to the budget?s target.

Expenditure amounted to 45.58 billion euros. There was also a notable lag of 713 million euros in transaction tax revenues.

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