Greece produced budget surplus

The Greek Finance Ministry published on Monday preliminary data for the execution of the State Budget for January 2013. Although, tax revenues were decreased the State Budget surplus amounted to 159 million Euros against the targets for deficit of 873 million Euros.

“The preliminary state budget execution data for January show that the country is continuing the necessary fiscal adjustment. The balance for January is positive. We have a primary surplus” said alternate Finance Minister Christos Staikouras. The English edition of the Greek newspaper Kathimerini reports that the primary surplus was 398 million Euros against a target of a 413-million-euro deficit and a deficit of 33 million Euros in January 2012.

The further reduction in public spending produced the State Budget surplus. Despite the surplus, the State Budget net revenues were down in January. Concretely revenues stood at19million Euros against the monthly target (4,437million Εuros). The decrease is mainly attributed to the lower receipts from VAT, consumption taxes and vehicles road duties. On the contrary, revenues that exceeded the monthly target are:the personal income tax and the property taxes.

Furthermore, State Budget expenditures equalled to 4,259 million Euros, 1,051 million Euros lower than the target (5,310 million Euros). Also State Budget expenditures were reduced compared to January 2012 by 1,103 million Euros or by 20.6%. Also net interest payments also showed a significant decrease of 47.7% (or 218 million Euros).