UPDATE 1-Greek Jan-March primary budget shows higher than targeted deficit

Reuters
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ATHENS, April 19 (Reuters) - Greece's central government reported a primary budget deficit of 1.687 billion euros ($1.82 billion) in the first three months of the year, higher than targeted due to lower revenues, finance ministry data showed on Tuesday.

The government had targeted a primary budget gap, which excludes debt-servicing costs, of 1.33 billion euros for the three-month period.

The primary budget balance excludes social security and local administration budgets. This year it is expected to shrink to 1.2% of gross domestic product from 7.3% of GDP in 2021.

Greece also expects its final 2021 reading will be 1.5 percentage points lower than initially projected, a finance minister official told journalists.

Budget revenue came in at 13.22 billion euros, below a target of 14.33 billion euros. Spending reached 15.84 billion euros and was 1.05 billion euros lower than targeted, the data showed.

The official said that revenue came in lower due to a delay in an EU recovery fund installment which is expected to be released in April instead of February. ($1 = 0.9253 euros) (Reporting by Lefteris Papadimas; Editing by Emelia Sithole-Matarise)

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