2.1 billion euros primary surplus

2.1 billion euros primary surplus

Staikouras: The primary surplus reached 1.1% of GDP - Tax refunds were at high levels, higher than last year

2.1 billion euros primary surplus
The primary surplus amounted to 2.1 billion euros for the first two months of 2014, according to figures of the budget implementation just presented by deputy Finance Minister Christos Staikouras.

The figures and observations of Staikouras show the following:

“The good execution of the state budget continues. Greece exceeds its financial targets and after many years, earlier than expected, it is achieving a primary surplus. Specifically, according to provisional data for January - February 2014:

1. The primary surplus reached 2.1 billion euros or 1.1% of GDP, compared to 487 million euros or 0.3% of GDP the same two months last year, almost four times higher. If tax refunds and expenses of the Public Investment Program had reached their objectives, the primary effect would be 560 million euros or 27% higher. At a General Government level, there was a primary surplus of 2 billion euros in January 2014, 32% higher than last year.

2. The financial result is also in surplus. The surplus of the state budget amounted to 495 million euros or 0.3% of GDP, against a deficit of 788 million euros or 0.4% of GDP during last year's first two months. The goal for the first two months of this year was 527 million euros.

3. Net revenue for the state budget are being formed at higher levels than last year or the targets. Increased revenue the Public Investment Program has contributed to this despite the increased tax refunds, compared to last year but also this year's targets.
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