Greek general gov’t primary surplus up in Jan-May

The Greek general government’s primary surplus was up 834 million euros in the first five months of the year, compared with the corresponding period in 2017, the State Budget Office in Parliament said in a report released on Friday.

The report showed that tax revenue grew 393 million euros in the January-May period, while Public Investment Programme revenues were up 355 million, although privatisation revenues were lower than expected and tax returns grew by 336 million euros.

State budget spending was down 689 million euros in the five-month period, while primary spending of the regular budget was up 16 million euros and the Public Investment Programme rose 39 million euros.

State enterprises reported lower revenues and spending in the January-May period, local authorities reported higher revenues and spending (their primary surplus grew by 315 million euros), while pension funds reported higher revenues and spending (their cash primary surplus fell by 257 million euros).

State arrears fell by 344 million euros in the five-month period.