PMI remains in growth territory in Nov amid supply disruptions and inflation
Retail sales rise by 13 pct in Sep as fuel has notable impact
Employment balance turns negative by 70,048 in Oct as tourism season ends
Economic sentiment back up to pre-pandemic levels, reaching 113.4 pts in Nov
Credit growth stable at 0.9 pct in Oct, led by lending to corporates
Deposits growth slows to just 11 mln in Oct
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greece’s fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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