Greek budget recorded a primary surplus of 711 million euros in the January-May period, the Finance ministry said on Thursday. Mr Staikouras presented the data for the 5-month period, January to May.

– the state budget balance showed a deficit of 1.985 billion euros in the five-month period, down from a deficit of 3.843 billion euros in the corresponding period last year and down from a revised target for a shortfall of 2.559 million euros this year.

– the primary result showed a surplus of 711 million euros in the January-Ma period, form a primary deficit of 970 million euros last year and a budget target for a surplus of 208 million euros in the five-month period this year.

– net state budget revenues totalled 19.605 billion euros, up 0.2% from a revised targets, while net regular budget revenues totalled 17.305 billion euros, up 0.4% over the same period.

The surplus resulted not only from the increased spending cuts, but also from collecting more taxes. More specifically:

– Tax revenues totalled 16.174 billion euros, or 1.6% more than a revised target and tax returns totalled 1.269 billion euros, up from a budget target of 1.184 billion euros. Public Investment

– Program revenues totalled 2.300 billion euros, slightly down from budget targets.

– State budget spending totalled 21.591 billion euros, down from a revised budget target of 22.119 billion. Regular budget spending totalled 19.810 billion euros, down by 641 million euros from a revised target.

-Regular budget spending fell by 9.4 pct in the January-May period, while Public Investment Program spending rose by 113 million euros to 1.780 billion euros.

Christos Staikouras, Alternate Finance Minister, commenting on the figures said that: “fiscal targets are achieved for the third successive year and this achievement shows that public finances are stabilizing on a good level, creating, therefore, the necessary basis for the recovery of the real economy and promoting employment, distributing a “social dividend”, reducing social insurance contributions and gradually lowering tax burdens on enterprises and households,”.