Greece's Finance Ministry says the country's bloated budget deficit has been cut by 46 percent in the first half of the year, exceeding government targets.

A ministry statement says preliminary data show overspending amounted to 9.6 billion euros ($12 billion) on a fiscal basis in the January-June period, compared to 17.8 billion euros ($22.4 billion) in the first half of 2009.

The debt-hobbled government is targeting a 39.5 percent cut this year to bring the deficit from a hefty 13.6 percent of annual output in 2009 to 8.1 percent.

The statement said that while spending cuts exceeded targets, the increase in revenues was below target.