Budget deficit down 45.4 pct

First Published:	21/07/2010 14:25:19
Greece's budget deficit shrank 45.4 pct in the first half of 2010, surpassing an annual target for a decline of 39.5 pct, to 9.754 billion euros, from 17.866 billion euros in the corresponding period last year, official figures showed on Tuesday. A report by the General Accounting Office attributed this positive development mainly to a drastic cut in public spending, while budget revenues lagged behind with a 7.2 pct growth rate in the January-June period, down from a budget target for an annual growth of 13.7 pct. Regular budget spending fell 12.5 pct in the first six months of the year, up from a budget target of 5.5 pct, while primary spending fell 12.3 pct from a budget target of 5.8 pct, while spending on interest fell 13.3 pct from a budget target of 5.6 pct. Spending by the Public Investments Program dropped 39.8 pct in the first half, while revenues of the program were down 40 pct over the same period.
Source:  Athens News Agency http://www.ana.gr

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