According to figures released by the Ministry of Finance on Monday, the overall surplus reached 1.58% of GDP comparedwith a deficit of 2.62% or €474.8 million in the corresponding period of 2013.

The primary balance (excluding debt servicing expenditure) for January – October reached €679.8 million, compared with €15.8 million in January – October 2013.

The improvement is mainly due the reduction in public spending, which reached 9.2%.

Public revenue for the period of January – October 2014 reached €5,37 billion, registering an increase of 4.56% compared with €5.14 billion in the corresponding period of 2013.

Tax revenue increased by 3.72% in January – October 2014, reaching €4.51 billion from €4.34 billion.

Source: CNA