May 14, 2018 / 1:24 PM / in 8 months

Greek January-April government primary budget surplus beats target

ATHENS, May 14 (Reuters) - Greece’s central government attained a primary budget surplus of 2.334 billion euros ($2.80 billion) in the first four months of the year, well above its target thanks to higher tax revenues and lower spending, finance ministry data showed on Monday.

The government was targeting a primary budget surplus - which excludes debt-servicing costs - of 374 million euros for the January-to-April period, meaning the surplus outperformed the target by 1.96 billion euros.

The central government surplus excludes the budgets of social security organizations and local administration. It is different from the figure monitored by Greece’s EU/IMF lenders but indicates the state of the country’s finances.

Net tax revenue came in at 14.42 billion euros, 689 million euros above target, while spending reached 15.32 billion euros, 751 million euros below target.

The government projects a primary budget surplus of 3.8 percent of economic output this year, according to its 2018 budget. The bailout target is for a primary surplus of 3.5 percent of GDP. ($1 = 0.8340 euros) (Reporting by Angeliki Koutantou and Lefteris Papadimas)

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