Greek authorities on Monday reported a primary budget surplus of 712 million euros in the first six months of the year from a primary deficit of 1.5 billion euros in the corresponding period in 2013.

According to a Finance ministry announcement, the provisional data on budget execution, on a amended cash basis, revealed that the state budget recorded a deficit of 2.4 billion euros in the first six months of the year, from a deficit of almost 5 billion euros last year, down from a revised budget target for a deficit of 3.8 billion euros.

Net state budget revenues totaled 23.6 billion euros in the January-June period, approximately 1 billion euros up compared with last year, while regular budget net revenues totaled 20.6 billion euros, almost 190 million euros down from last year but still up compared with targets.

Public Investment Program spending totaled 2.4 billion euros, up 33% compared with the same period last year.

Alternate Finance Minister Christos Staikouras, commenting on the figures said that the achievement of the fiscal targets “creates the necessary basis for the recovery of the real economy, promoting employment, reducing social insurance contributions and gradually lowering tax burdens on enterprises and households”.