The Greek central government posted a primary budget surplus of 1.93 billion euros in the first half of the year, exceeding a memorandum-mandated target by 1.5 billion euros.
Lower spending was given as the reason for the over-performance.
According to finance ministry figures, the primary budget surplus – excluding debt servicing – was the result of 21.3 billion euros in revenues in H1 2017 as opposed to spending of 22.9 billion euros, down from a budgeted 24 billion euros.
A target of 1.9 percent of GPD for a general government primary budget surplus is prescribed for 2017, as per the recently revised medium-term fiscal strategy plan, another memorandum obligation. The overall bailout target for 2017 remains a moderate 1.75 percent of GDP.
The central government surplus does not include the budgets of social security funds and local governments, such as municipalities and regional entities.
