Independent Insight Views

MoF preliminary data (on a modified cash basis) on Greek budget execution in April depicted a further widening of bottom-line outperformance (i.e. actual minus target) by c€0.5bn m-o-m with budget and primary balance beating 4-month target by €3.3bn compared to >€2.8bn in Q1’13 and €1.84bn in 2M’13. Better-than-targeted fiscal performance is attributed to lower expenditure and higher PIB surplus and – to a lesser extent – smaller tax refunds. Continue reading

MoF data show that general government (gg) primary cash balance recorded a surplus of €967m in Q1 ’13 from €2,382m in Q1’12 down 59.4% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading

MoF final data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by c€1bn m-o-m with budget and primary balance beating 3-month target by >€2.83bn compared to €1.84bn in 2M’13. Better-than-targeted fiscal performance is attributed to higher PIB surplus as well as lower expenditure and tax refunds. Continue reading

MoF preliminary data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by €1bn m-o-m with budget and primary balance beating 3-month target by €2.8bn compared to €1.8bn in 2M’13. Continue reading

MoF data show that general government (gg) primary cash balance recorded a surplus of €1,375m in 2M ’13 from €3,206m in 2M’12 down 57.1% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading

MoF final data (on a modified cash basis) on Greek budget execution in February depicted a  significant outperformance at bottom-line with budget and primary balance beating 2-month target by €1.84bn attributed to lower expenditure and higher PIB surplus as well as lower tax refunds. Continue reading

MoF preliminary data (on a modified cash basis) on Greek budget execution in February depicted a  significant outperformance at bottom-line with budget and primary balance beating 2-month target by €1.8bn attributed to lower tax refunds and expenditure as well as higher PIB surplus. Continue reading

MoF data show that general government (gg) primary cash balance recorded a surplus of €1,784m in January ’13 from €2,474m in January ’12 down 27.9% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading