ECONOMY

Steady rise recorded in primary budget surplus

The state budget posted a primary surplus of 2.53 billion euros in the first nine months of the year i.e. 1.4 percent of the gross domestic product, against a target for 1.55 billion euros, Alternate Finance Minister Christos Staikouras announced yesterday.

He added that the data continue to vindicate estimates that the budget will exceed its target for the whole of the year, i.e. a primary surplus of 1.5 percent of GDP, while noting that policies and priorities will have to be revised on a European level.

Nevertheless budget revenues continue to lag below the target for the year to end-September. Net revenues came short by 327 million euros, or 1 percent, which the ministry attributes to tax rebates and delays in the collection of the Single Property Tax (ENFIA). Tax rebates exceeded their target by 304 million euros to reach 2.6 billion euros.