Greek general government cash deficit eases to €9.9bn in 6M’12

Latest MoF data show that general government deficit, according to cash data, eased by 12.9% y-o-y to €9,880m in 6M’12 from €11,347m last year with primary deficit substantially improving to €490m from €4,013m in H1’11. Current period data incorporate:

  • A drop of state budget by 14.4% y-o-y to €11,452m with primary deficit slipping 45.8% y-o-y to €3,317m.
  • Extrabudgetary funds’ (i.e. legal entities) surplus of €463m from €589m last year.
  • Local governments’ surplus of €176m down from last year’s €964m, yet balance remains on positive grounds.
  • Social security funds’ and hospitals’ surplus of €932m almost double compared to last year’s figure of €485m.

Released data imply an increase of general government deficit m-o-m to €1,697m in June, from €567m in May and €2,873m in April. Furthermore, June primary balance recorded a deficit of €1,045m, from €573m in May and €2,326m in April, mainly reflecting state budget negative contribution of €968m, while extrabudgetary funds exhibited a small primary surplus of €139m.

It is noteworthy that general government deficit (ESA95) stood at €19,586m or 9.1% of GDP in 2011 and is targeted to ease to €13,733m or 6.7% of GDP in 2012.

Furthermore, general government arrears (>90 days) rose m-o-m to €6,618m at the end of June from €6,445m in May, with state budget arrears standing at €907m (14% of total), local authorities’ at €771m (12%), hospitals’ at €1,630m (25%), social security funds’ at €2,982m (45%) and extrabudgetary funds at €329m (5%).

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