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Tuesday, October 25, 2016

Greece’s 2014 Deficit More Than Double Forecasts: Official

Greece’s 2014 Deficit More Than Double Forecasts: Official

Athens (AFP) — Greece’s budget deficit was 3.5 percent of GDP in 2014, the official statistical agency said Wednesday, more than doubling forecasts.

The government that preceded the radical leftist government elected in January had forecast a deficit of 1.3 percent of GDP, while the European Commission’s forecast was 1.6 percent.

Data on the primary surplus — budget balance between interest payments on debt — also missed earlier forecasts.

The previous government had expected primary surplus to be 2.0 percent of output although Wednesday’s data showed that it reached just 0.4 percent.

Overall public debt fell to 317.1 billion euros in 2014 from 319.17 billion in 2013.

However, it rose as a proportion of output to 177.1 percent in 2014 from 175 percent in 2013.

Photo: Global Panorama via Flickr

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