Greece Posts 2016 Primary Budget Surplus of 4.19% Vs. 0.5% Target--Greek Officials
21 April 2017 - 11:05PM
Dow Jones News
By Nektaria Stamouli
ATHENS--Greece's 2016 primary surplus was 4.19% of its gross
domestic product--more than eight times higher than its bailout
target, according to Greek officials.
Under the terms of its bailout program, Greece's had to achieve
a 0.5% primary budget surplus last year-before debt payments. The
figures have to be verified by the European Union's statistics arm
Eurostat on Monday.
Achieving high primary budget surpluses is key to the third
bailout signed by Greece in mid-2015. Greece has to achieve a
primary surplus of 1.75% in 2017, 3.5% in 2018 and maintain it for
the medium term.
Earlier on Friday, the country's statistics agency, Elstat, said
Greece's primary surplus stood at 3.9% of GDP under the EU
accounting framework, versus a downwardly revised 2.3% deficit in
2015.
There is a different statistical treatment on some expenditure
and revenue items under the terms of the bailout program.
Greece posted a 0.7% general government surplus of 0.7% of GDP,
from a 5.9% deficit in 2015, Elstat said.
The country's general government debt rose to 179% of GDP last
year from 177.4% in 2015, the figures showed.
(END) Dow Jones Newswires
April 21, 2017 08:50 ET (12:50 GMT)
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