Greece achieves primary surplus of 508 mln euros

Greece achieved a better-than-expected primary surplus of 508 million euros in the first quarter of 2013, the Finance Ministry said Wednesday.

The budget deficit was reduced to 1.4 billion euros over the same period.

The figures compare with a deficit target of 2.3 billion euros for the quarter and an actual deficit of 334 million euros over the same period last year, the ministry said.

Although revenue declined by 351 million euros, spending cuts allowed the Greek government to beat the goals set by the country’s foreign creditors.