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Economic sentiment and consumer confidence gain ground in March -
Travel balance surplus more than doubles YoY in Jan -
Income tax and VAT revenues drive budget primary surplus to 3.38 bln in Feb -
Jan current account in surplus, trade balance worsens as exports drop again -
Industrial turnover returns to growth in Jan with 3.2 pct YoY rise, falls sharply MoM -
Budget continued to outperform in Feb, delivering 3.4 bln primary surplus
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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