Greek state’s primary budget surplus overexceeds Jan-Nov target, reaches 7.626 bln€

27 December 2018
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The creditor-mandated primary budget surplus, as a percentage of GDP, for the Jan-Nov 2018 far exceeded the target, reaching 7.626 billion euros on the back of an increase in revenues collected by the Greek state, by 1.6 percent from the corresponding period of 2017, as well as further cuts in spending.

The surplus goal for the 11-month period of 2018 was 4.071 billion euros, compared to the previous year’s 11-month target of 4.646 billion euros.

On a modified cash basis, the state budget posted a surplus of 2.563 billion euros, far exceeding a goal of a deficit of 1.005 billion euros, and up from deficit of 774 million euros posted in the corresponding period of 2017.

Net revenues collected by the state during the Jan-Nov 2018 period reached 47.471 billion euros, up by 760 million euros from the corresponding period of 2017.

Rebates – excluding returns via a post-memorandum obligation to cover the state’s arrears to the private sector – reached 3.181 billion euros, down by 475 million euros from the target. The state failed to fully cover all arrears to the private sector, allocating only 1.593 billion euros for the purpose.

Conversely, spending by the state between January and November 2018 reached 44.908 billion euros, slashed by 2.808 billion euros from the goal of 47.716 billion euros.

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