Greek state budget showed a primary surplus of 2.103 billion euros in the January-April period, the Finance ministry said on Monday. In an announcement on state budget execution, on an amended cash basis the budget showed a deficit of 510 million euros in the four month period, from a deficit of 1.146 billion euros in the corresponding period last year and a budget target for a deficit of 2.918 billion euros.

The primary surplus was 2.103 billion euros, from a primary surplus of 1.046 billion last year and a budget target for a surplus of 310 million euros. State budget net revenues totalled 15.815 billion euros in the January-April period, up 2.4 pct from targets, while regular budget revenues totalled 14.290 billion euros, down 0.7 pct from targets. Tax revenues totalled 12.221 billion euros in the four-month period, down 6.7 pct from targets.

The ministry attributed this development to an 11.4 pct shortfall in direct taxes (4.869 billion euros) and to a 3.4 pct decline in indirect taxes (7.352 billion). VAT revenues were down 6.5 pct from targets while other consumption taxes surpassed targets by 5.7 pct and other non-tax revenues surpassed targets by 38.9 pct. Tax returns totalled 943 million euros in the four-month period, up 100 million from budget targets. Public Investment Program revenues totalled 1.525 billion euros, up 465 million from targets. State budget spending totalled 16.324 billion euros in the January-April period, down 2.037 bln from targets, while regular budget spending totalled 15.503 billion, down 1.628 billion from targets and down 2.4 pct from the same period last year.

Public Investment Program spending totalled 821 million euros, down 409 million from targets and down 577 million from last year.