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Building activity down 15.2 pct in Feb for sharpest drop since 2020
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VAT and income taxes drive revenue and budget outperformance in April
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EC reports highlight tight fiscal path and economic challenges
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Travel surplus continues to grow in March, up 55 pct YoY in Q1
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Current account deficit widens to 2.4 bln in Mar, oil deficit more than doubles
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Industrial turnover posts slowest growth in 2 years, up 1.5 pct in March
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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