Greek state exceeds primary budget surplus for Jan-May 2018 period five-fold

15 June 2018
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Greece posted another sizable primary budget surplus for the Jan-May 2018, exceeding the target for the period five-fold. The finance ministry announced that the primary budget surplus for the five-month period reached 1.539 billion euros, higher by 1.359 billion euros that the foreseen target.

Conversely, the figure was lower than the equally huge fiscal target posted over the same period in 2017, when it reached 1.84 billion euros.

Net revenues in the state budget exceeded a target by 848 million euros, while net revenues in the regular budget exceeded the target by 388 million euros.

The leftist-rightist coalition government has repeatedly pointed to the fact that it is not only meeting but exceeding primary budget surplus targets as demonstrating its fiscal prowess, and even as a sign of an economy recovery.

Conversely, much of the opposition charges that the primary budget surplus over-performance is due to the imposition of very high direct and indirect taxes – mostly affecting wage-earners, pensioners and consumers – along with spending cuts.

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