Tag Archives: Greek budget

Budget balance continued to outperform targets in November

MoF preliminary data (on a modified cash basis) on Greek budget execution (released on December 10) depicted a softer performance in November compared to that of the previous month, yet all core budget items continued to outperform targets. Advertisements

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Further improvement of general government balance in October

Latest MoF data show that general government cash deficit narrowed by 53.4% y-o-y to €9,383m in 10M’12 from €20,114m last year, with primary balance recording a surplus of €2,312m from deficit of €4,244m in 10M’11.

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Key highlights of BoG interim report on Monetary Policy

BoG released on December 3 its interim report on Monetary Policy. We summarize below the key highlights: The latest developments in Greece and the EU send out positive signals. Greece is mobilising both at home and abroad to make up … Continue reading

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Greek budget balance continued to outperform targets in October

MoF final data (on a modified cash basis) on Greek budget execution confirmed preliminary figures (released on November 12) depicting a significantly improved performance in October compared to that of September with budget and primary balance recording a surplus for … Continue reading

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Greek GDP contracted 7.2% y-o-y in Q3’12

According to flash estimates, released by Hellenic Statistical Authority (ELSTAT), recession accelerated in Q3’12 with non-seasonally-adjusted GDP (at constant prices) contracting 7.2% y-o-y in Q3’12 from 6.3% y-o-y in Q2’12.

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Greek budget revenues rebounded in October; Budget balance continued to surprise on the upside

MoF preliminary data (on a modified cash basis) on Greek budget execution (released on November 12) depicted a significantly improved performance in October compared to that of September with monthly budget and primary balance recording a surplus for second time … Continue reading

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Slight improvement of Greece’s general government balance in September – Strong performance in 9M’12

Latest MoF data show that general government deficit, according to cash data, eased by 48.3% y-o-y to €9,689m in 9M’12 from €18,744m last year, with primary balance recording a surplus of €1,249m from deficit of €4,146m in 9M’11.

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Key highlights of Greece’s 2013 budget and 2013-16 MTFS

MoF unveiled yesterday the 2013 budget and the 2013-16 Medium-Term Fiscal Strategy (MTFS). The key difference of MoF current forecasts compared to those included in the draft budget tabled to parliament on October 1 involves a deeper recession in 2013 … Continue reading

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September revenues resumed a negative trend, yet budget balance outperformed targets

As he had previously noted, MoF had revised FY’12 – and accordingly monthly – budget targets in the September preliminary budget execution bulletin (released on October 11), incorporating its latest forecasts included in the 2013 draft budget tabled to parliament … Continue reading

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Revision of historical general government deficit and debt data

Hellenic Statistical Authority (ELSTAT) and Eurostat announced today the revised general government (gg) deficit and gross debt figures for 2008-11. It is reminded that statistical services’ previous data (first estimates for 2011) were released last April.

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Revenues resumed a negative trend in September; Budget balance still outperforms revised targets

In the September budget execution bulletin, MoF revised FY’12 – and accordingly monthly – budget targets incorporating its latest forecasts included in the 2013 draft budget tabled to parliament on October 1.

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Upward revision of 2011 GDP contraction results in slightly lower fiscal adjustment

Hellenic Statistical Authority announced on October 5 it has revised upwards 2011 GDP contraction to 7.1% from 6.9% before. Following this revision, which is based on final or more updated data on certain accounts from 2006 onwards,

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Further improvement of general government balance in August

Latest MoF data show that general government deficit, according to cash data, eased by 43.2% y-o-y to €9,889m in 8M’12 from €17,409m last year, with primary balance recording a surplus of €1,440m from deficit of €4,161m in 8M’11.

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Fiscal consolidation envisaged in 2013 draft budget will primarily stem from further cost cutting

MoF unveiled the 2013 draft budget, which envisages a general government primary surplus of €2.2bn or 1.1% of GDP and deficit of €8.0bn or 4.2% of GDP, implying a 2.5pp improvement compared to 2012 latest estimates. Note that 2013 forecasts … Continue reading

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Revenues rebounded in August; Budget balance continues to materially outperform targets

MoF final data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 24.7% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading

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Revenues rebounded in August, budget balance materially better than target

MoF preliminary data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 19.3% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading

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Central government cash deficit substantially improved in August

According to data released by BoG, central government cash deficit (i.e. net balance of the state budget including movements in public debt management accounts) stood at €6.4bn in the first eight months of the year from €18.6bn last year, down … Continue reading

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General government cash deficit slipped 27.6% y-o-y in 7M’12

Latest MoF data show that general government deficit, according to cash data, eased by 27.6% y-o-y to €10,609m in 7M’12 from €14,648m last year, with primary deficit substantially improving to just €229m from €4,056m in 7M’11.

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July final budget execution data confirm preliminary figures: bottom-line surprises on the upside, revenues on the downside

MoF final data on July budget execution released today confirmed preliminary figures announced on August 10.

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Central government debt rises by €23.2bn q-o-q to €303.5bn in Q2’12

According to latest MoF data, central government debt stood at €303.5bnat the end of Q2’12, up by €23.2bn or 8.3% compared to Q1’12 (€280.3bn) and down by €50.2bn or 14.2% versus Q2’11 (€353.7bn), primarily reflecting PSI transaction.

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