Greek central government budget gap narrowed in Jan-Oct

ATHENS Sat Nov 10, 2012 4:32am EST

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ATHENS Nov 10 (Reuters) - Greece's central government budget deficit in the first ten months of 2012 fell by 42 percent, helped by higher tax revenues, a senior finance ministry official said on Saturday.

"In October, we had a budget surplus of 425 million euros, this is the second time this is happening in the last two years," deputy finance minister Christos Staikouras told lawmakers.

The central government budget gap, which excludes local authority and social security spending, fell to 12.3 billion euros ($15.6 billion) between January and October from 21.1 billion in the same period last year, he added.

Net government revenue in the period rose by 1.4 percent year-on-year while primary spending, before debt service payments, dropped at an annual pace of 8.5 percent, Staikouras said.

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Comments (1)
dekeijzer wrote:
Good news for Greece. Finally. Of course the plan of the big reforms is to reduce the budget gap to 0 and actually start reducing the total debt. It`s a fragile situation of which nobody knows the outcome.

Nov 10, 2012 4:17pm EST  --  Report as abuse
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