Eurostat has announced a large increase in the primary surplus of Greece for 2018, at 4.4% of GDP.
This is a huge primary surplus, as the Treasury had announced a 3.9% of GDP for the past year, despite the fact that at the end of 2018 the government proceeded with the distribution of a social dividend and a payback of special payrolls of more than EUR 2 billion.
If that were not the case, the primary surplus for 2018 would have reached 5.5% of GDP, two points above the commitment for primary surpluses of 3.5%. Even so, however, the result of Eurostat shows that the target is close to EUR 2 billion more than the target for last year. These new figures could be used to re-estimate this year’s surplus, while the government is looking for an additional budget space for benefits.
The rest of the numbers
It is recalled that the primary general government balance reported is derived from the ESA 2010 Community rules and differs from the primary balance definition used in the context of the economic adjustment program for Greece. It is worth noting that in the classic revisions to the deficit and debt data of previous years there are no significant changes.
Based on the data announced in 2018:
– GDP is set at EUR 184.714 billion
– The surplus is 1.1% of GDP (EUR 1.991 billion)
– The primary surplus is EUR 8,149 billion
– General government expenditure amounted to EUR 83,343 billion (46.74% of GDP)
– Government revenue is EUR 88.334 billion (47.82% of GDP)
– The general government debt amounts to EUR 334.573 billion (181.1% of GDP from 176.2% of GDP in 2017)./ibna