Greece’s Budget Surplus Misses Target in January

ATHENS—Greece’s primary budget surplus in January nearly doubled from last year’s levels but missed its target on lower-than-expected revenues, the finance ministry said.

Data showed the central government’s budget surplus—before taking into account debt payments—reached €811 million ($1.1 billion), or 0.5% of gross domestic product, falling short of an annual target of €955 million. In the same period a year earlier, the figure stood at €415 million.

Revenues for January were also lower than forecast, reaching €4.4 billion, versus a €4.8 billion target, due to a sharp increase in tax refunds, the ministry said. Outlays for January were better than expected at €3.8 billion.

In 2013, Greece posted its first primary budget surplus in a decade, fulfilling a key condition of international creditors a year ahead of schedule.

Since early 2010, Greece has received two massive bailouts from its eurozone partners and the International Monetary Fund in exchange for fixing its deficit-ridden public finances. Under the existing bailout program, Greece wasn’t expected to achieve a primary surplus until the end of 2014.