ATHENS (Reuters) -Greece’s central government reported a lower-than-expected primary budget deficit in the first 11 months of the year as tax revenues slightly beat initial estimates, finance ministry data showed on Thursday.
The deficit stood at 1.126 billion euros ($1.20 billion) in January to November, beating the government’s target of a 2.239 billion-euro deficit.
The primary budget excludes debt servicing costs.
Based on the latest government projections in November, the primary budget gap is expected to shrink to 1.6% of gross domestic product (GDP) this year, from 7.3% in 2021, before it turns to a surplus next year.
Total revenue for January-November came in at 58.94 billion euros, 0.8% higher than targeted, the data showed.
“The fact that tax revenues slightly beat estimates makes achieving the target for the 2022 primary budget deficit in 2022 safer,” Deputy Finance Minister Theodore Skylakakis said in a statement.
Spending reached 59 billion euros, 826 million euros below target, the data showed.
($1 = 0.9414 euros)
(Reporting by Karolina Tagaris and Angeliki Koutantou; Editing by Jon Boyle and Raissa Kasolowsky)
