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Home arrow About Us arrow Embassy of Greece in London arrow News arrow Greek budget deficit fell to 8.1 pct of GDP in 2012

Greek budget deficit fell to 8.1 pct of GDP in 2012

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Greece’s primary budget deficit dropped by 46 pct to 3.5 billion euros (or 1.8 pct of GDP) in 2012, from 6.4 billion euros in 2011 (3.1 pct of GDP), the Finance Ministry said on Tuesday.

In a statement, the ministry said that the budget target for last year’s primary deficit was 4.6 billion euros (2.4 pct of GDP).

The state budget deficit totaled 15.7 billion euros in 2012 (8.1 pct of GDP), down from 22.8 billion euros in the previous year (10.9 pct of GDP), for a decline of 31 pct. The budget target for last year’s shortfall was 16.3 billion euros (8.4 pct of GDP).

The Public Investment Programme’s spending rose to 6.1 billion euros in the January-December period last year, from 3.6 billion euros in the January-November period, reflecting improved liquidity conditions and higher capital inflows from the European Union. Net budget revenues, although down compared with 2011, reached budget targets with pre-return tax revenues, surpassing a budget target by 119 million euros. 

Primary spending fell 8.6 pct to 47.1 billion euros in the 12-month period last year, from 51.6 billion euros in 2011, exceeding a budget target for a decline rate of 7.7 pct in 2012.

Commenting on the figures, Alternate Finance Minister Christos Staikouras said, “Final budget execution figures show that the country achieved its fiscal targets in 2012, evidence that huge sacrifices made by Greek citizens are showing results. This huge adjustment is a necessary, but not the only, precondition to exiting the crisis. More efforts are needed in political and social consensus and cohesion to put the economy in a restarting process”.

SOURCE: ATHENS NEWS AGENCY

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