A primary budget surplus of 1.048 billion euros in the first four months of 2014, surpassing a budget target for a surplus of 742 million euros.

Presenting a report on budget execution, Alternate Finance Minister Christos Staikouras said that the state budget balance showed a deficit of 1.144 billion euros in the January-April period, from a deficit of 2.426 billion euros in the same period last year and a budget target for a shortfall of 1.459 billion EUR. Staikouras said the data confirmed that the government’s economic policy program was achieving its fiscal goals. Net state budget revenue totaled 13.844 billion EUR in the four-month period, down 1.051 billion euros, or 7.1 pct compared with budget targets, of which 500 million EUR are the delayed return of capital gains from European central banks’ Greek bond holdings.

Tax revenues totaled up to 12.784 billion euros, 1.6% lower than targets, while the General Accounting Office said that the four-month figure was significantly lower than a three-month figure. Tax returns totaled 906 million euros,  431 million euros higher than targets.

Public Investment Program revenues totaled 2.295 billion euros, 788 million euros higher than targets, while state budget spending totaled 17.282 billion euros, 578 million euros lower than targets. Regular budget spending totaled 15.884 billion euros in the January-April period, 976 million euros lower than targets reflecting a 809-million-euro reduction in primary spending. Regular budget spending was down 8.4 % compared with the same period last year. Public Investment Program spending rose by 398 million euros to 1.398 billion, compared with budget targets, and was up 562 million euros compared with the same period last year.