The Greek state budget posted a primary budget surplus of 2.087 billion euros over the first seven months of 2018, exceeding the target (929 million euros) by more than one billion euros. The figure for the corresponding period of 2017 was a primary budget surplus of 3.024 billion euros.
Based on provisional data (on a modified cash basis) for the Jan-Jun 2018 period, released by the finance ministry on Tuesday, net revenues were up by 1.3 percent compared to the seven-month target, i.e. 354 million euros. Total revenues in the state budget reached 27.429 billion euros; 26.092 billion euros in revenues for the regular budget, up by 549 million euros (2.2 percent) from the target.
However, the extra revenue was offset by the fact that returns were down by 333 million euros,totalling 2.330 billion over the seven-month period, down from a target of 2.663 billion euros. The figure excludes a program to cover the state’s arrears to the private sector, mostly funded by institutional creditors’ loans in the third bailout.
Public investments were also cut, by 196 million euros from the budgeted target, reaching 1.337 billion euros.
State budget spending in the Jan-Jun 2018 period reached 28.992 billion euros, down by 691 million from the goal (29.683 billion euros). Regular budget spending reached 27.759 billion euros, an increase over the target by 66 million euros – an unusual development over recent years of tight spending.
