Greece: January – May 2017 State Budget Execution & May 2017 General Government Arrears

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Global Economic & Market Outlook – Focus Notes (Wednesday , July 5 2017)

Greece: January – May 2017 State Budget Execution & May 2017 General Government Arrears

  • According to the final State Budget Execution data for January – May 2017, the budget balance
    recorded a deficit of ca €1.24 bn, ca €0.0.79 bn narrower relatively to the respective 2017 Budget
    (B17) target (deficit €2.03 bn). The primary balance recorded a surplus of ca €1.84 bn,
    outperforming the B17 target (primary surplus €1.05 bn). Both direct and indirect taxes over
    performed their B17 targets by €0.04 bn and €0.35 bn respectively. However, ordinary expenditure
    were at €19.17 bn undershooting the respective B17 target by €0.79 bn.
  • In more detail, ordinary budget net revenue for January – May 2017 (Fig.1) amounted to ca €17.27
    bn, almost in line with the respective B17 target and €0.64 bn (or 3.7%) higher than the
    corresponding 2016 figure.

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