ECONOMY

Greek Jan-Feb budget primary surplus misses target due to lower revenue

greek-jan-feb-budget-primary-surplus-misses-target-due-to-lower-revenue

Greece’s central government achieved a primary budget surplus of 823 million euros ($921.02 million) in the first two months of the year, missing the target due to lower revenues, finance ministry data showed on Monday.

The government was projecting a primary budget surplus, which excludes debt-servicing costs, of 929 billion euros for January-to-February, meaning the surplus underperformed the target by 106 million euros.

The government was projecting a primary budget surplus – which excludes debt-servicing costs – of 929 million euros for the first two months of the year, meaning the surplus undershot the target by 106 million euros.

The surplus excludes social security and local administration budgets. It differs from the figure monitored by Greece’s foreign lenders but does indicate the state of the country’s finances.

Net revenue, including taxes, came in at 7.55 billion euros, or 476 million euros below target.

Under a post-bailout plan agreed with its official lenders, Greece aims to achieve a primary surplus of 3.5 percent of gross domestic product this year.

[Reuters]