Greek 2013 primary surplus confirmed at 1.5 bln euros

The disclosed data confirm the press release published by the Hellenic Statistical Authority (ELSTAT) on April 14. According to that ELSTAT announcement, figures include the impact of banks’ support amounting to 19.27 billion. Excluding this burden, gg deficit lands at 3.84 billion (2.1 percent of GDP).

ELSTAT had also unveiled that the 2013 gg primary deficit stood at 15.89 billion (8.7 percent of GDP), which is turning to a primary surplus of 3.39 billion if we exclude the banks’ support impact.

Note that both Eurostat and ELSTAT figures are under the ESA95 rules, while the Eurostat announcement does not dispute the Greek figures.

Following Eurostat’s announcement, the Ministry of Finance (MoF) issued a press release noting that the 2013 primary surplus reached 1.5 billion euros (0.8 percent of GDP) under the Economic Adjustment Programme (EAP) rules.

This figure was also confirmed by the European Commission (EC) spokesman Simon O’ Connor during a midday press briefing.

In particular, he noted that the headline deficit figure of 12.7 percent results in a primary deficit of 8.7 percent, if interest payments amounting to 4 percent are excluded. According to the EAP definition, adjustments of 9.5 percent were applied mainly related to banks’ support (10.8 percent) and transfers from Member States corresponding to profits on Greek bonds held by Eurosystem Central Banks (1.5 percent), which result in the primary surplus of 0.8 percent of GDP announced on Wednesday.

“The 2013 primary surplus is well ahead of 2013 target – which was for a balanced primary budget – and is a reflection of the remarkable progress that Greece has made in repairing its public finances since 2010,” said O’Connnor.

Read the whole article here.

*Photo by AFP

1 Comment on "Greek 2013 primary surplus confirmed at 1.5 bln euros"

  1. Well, another scandalous cover up with the Signature of Greek Statistics Agency (Elstat) and Eurostat!

    Basically the Greek Government, who had originally a budgeted a minor “loss” for 2013, after spending almost 2/5 of her Actual Income (almost 20 billions out of 50 billions of Income to the banks) on an extraordinary account (banks) managed to present a Surplus!! Also, for some mysterious reason, no one clarifies whether the figure is based on “Estimated Amounts” although e.g. many of the taxes payable are not expected to be collected. Talking about Greek Statistics! So expenses that are due from the Greek State (has ceased many payments are also Included?)

    I attach a Eurobank Analysis that present the Goverement Budget for 2013 in English.
    Marco Budget Variance Analysis for 1st Semester of 2013 – in English (page 7)
    Total Budget (page 5)

    file:///C:/Documents%20and%20Settings/o823/Desktop/GREECE%20MACRO%20FOCUS%20October%202%202012.pdf

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