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

Shell lifts its first crude cargo from Libya in 5 years

Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya’s …

China’s Lenovo warns of cost challenges as it sinks to Q1 loss

Chinese personal computer maker Lenovo Group Ltd warned of higher costs and margin pressure due …

Leave a Reply

Your email address will not be published.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