Global Economic & Market Outlook – Focus Notes (Wednesday, November 30, 2016)

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WP_20150824_055Global Economic & Market Outlook – Focus Notes (Wednesday, November 30, 2016)

Greece: January – October 2016 State Budget Execution and September 2016 General Government Arrears

  • According to the final State Budget Execution data for January – September 2016, the budget balance recorded a surplus of ca €1.31 bn, €2.92 bn narrower relatively to the respective 2017 Budget (B17) target (deficit €1.61 bn). The primary balance recorded a surplus of ca €6.50 bn, significantly outperforming the B17 target (primary surplus €3.57 bn) (Table 1). Note that we use the B17 fiscal targets for 2016. The B17 was tabled in the Hellenic Parliament a week ago and a roll call vote is expected by December 10 th 2016.
  • In more detail, ordinary budget net revenue for January – October 2016 (Fig.1) amounted to ca €40.08 bn, higher by ca €0.92 bn (or 2.3%) and €3.42 bn (or 9.3%) compared with the monthly B17 target and the corresponding 2015 figure, respectively.

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GLOBAL FOCUS NOTE_Nov 30 BUDGET EXECUTION final

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