Greek Jan-May primary budget deficit at 8.16 bln euros, misses target

Greece’s central government posted a primary budget deficit of 8.16 billion euros ($9.89 billion) in the first five months of the year, higher than its target due to lower tax revenue and higher spending, finance ministry data showed on Tuesday.

The government was targeting a primary budget gap, which excludes debt-servicing costs, of 7.16 billion euros for the five-month period.

The central government data excludes the budgets of social security funds and local administration.

Greece has extended COVID-19 restrictions several times this year to curb the spread of the coronavirus pandemic. The rules have hurt its economy which emerged from a decade-long debt crisis in the summer of 2018.

Budget revenue came in at 19.93 billion euros in the five-month period – underperforming a target by 281 million euros, the government said

Spending of 29.11 billion euros outperformed a target by 800 million euros.
Source: Reuters (Reporting by Lefteris Papadimas and George Georgiopoulos; editing by Jason Neely)

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