Greek Jan-Sept budget gap narrows, revenue still below target

ATHENS, Oct 11 (Reuters) - Greece's budget deficit narrowed by 37 percent year-on-year between January and September, helped by cuts in public spending and investment, the finance ministry said on Thursday.

The shortfall narrowed to 12.6 billion euros ($16.3 billion) from 20.1 billion in the same period last year.

But tax revenues fell short of targets due to the country's severe, austerity-fuelled recession. Despite a tax onslaught, net government revenue stagnated at 36.7 billion euros, 1.3 billion euros less than an interim target for the period set out under the country's EU/IMF bailout plan.

Unlike the general government budget gap, which the European Union uses to assess Greece's fiscal performance, the central government budget deficit data excludes local authorities and social security spending. ($1 = 0.7751 euros)

(Reporting by Harry Papachristou)

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