Home / Business / World Business / Greece attains primary surplus of 3.9 pct of GDP

Greece attains primary surplus of 3.9 pct of GDP

Greece improved its public finances last year, achieving a general government surplus of 0.7 percent of gross domestic product compared to a 5.9 percent of GDP deficit in 2015, the country’s statistics agency ELSTAT said on Friday.

Under ESA 2010 guidelines, the general government’s primary balance, excluding debt servicing, reached a surplus of 3.9 percent of economic output last year versus a downwardly revised 2.3 percent deficit in 2015.

ELSTAT did not calculate a figure for the primary budget balance under the country’s bailout programme, where there is a different statistical treatment on some expenditure and revenue items.

Under the bailout programme, Greece had a primary surplus target of 0.5 percent of GDP. Prime Minister Alexis Tsipras has said the country strongly outperformed, delivering a surplus of at least 3.5 percent of GDP.

ELSTAT also said Greece’s general government debt rose to 179 percent of GDP last year from 177.4 percent in 2015. (Reuters)

Check Also

Boeing’s new model wins Paris order race 

Boeing won a race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus.

Wizz Air opens first western European base at Luton

Budapest-based airline Wizz Air has opened a new base at Luton airport, its first in western Europe, part of plans to expand its capacity.

Leave a Reply

Your email address will not be published. Required fields are marked *