Greek pri­mary bud­get sur­plus came to 0.4 pct of GDP in 2014

Kathimerini English - - Focus -

Euro­stat yes­ter­day con­firmed the fis­cal data that the Hel­lenic Sta­tis­ti­cal Author­ity (ELSTAT) had sent re­gard­ing the course of the Greek econ­omy last year, bring­ing the pri­mary sur­plus of the bud­get to 0.4 per­cent of gross do­mes­tic prod­uct and the na­tional debt to 178.6 per­cent of GDP.

The cal­cu­la­tion for a pri­mary sur­plus amount­ing to 643 mil­lion eu­ros con­curs with the gov­ern­ment’s es­ti­mate in the 2016 bud­get for a pri­mary sur­plus of 0.35 per­cent of GDP. The to­tal gen­eral gov­ern­ment bal­ance (in­clud­ing in­ter­est pay­ments) pointed to a deficit of 3.6 per­cent of GDP.

The coun­try’s GDP de­clined from 180.3 bil­lion eu­ros in 2013 to 177.5 bil­lion last year, for a to­tal GDP con­trac­tion of 29.5 bil­lion eu­ros from 2011 to 2014.

The re­vi­sion of the GDP re­sulted in the debt ra­tio shift­ing from the 177.1 per­cent of GDP that ELSTAT had es­ti­mated to 178.6 per­cent. In 2013 the ra­tio had come to 177 per­cent, af­ter amount­ing to 159.4 per­cent in 2012 – the year of the PSI – and to 172 per­cent in 2011.

Gen­eral gov­ern­ment rev­enues fell to 82.3 bil­lion from 87.1 bil­lion in 2013, and ex­pen­di­ture fell from 109.6 bil­lion eu­ros in 2013 to 88.6 bil­lion last year.

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