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Economy
Greece out of fiscal spotlight, but economic imbalances still a worry The European Commission announced last week that it started an excessive deficit procedure for France and Italy, but Greece is not in the spotlight over its public finances, although Brussels has again highlighted various imbalances in its economy.
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EconomyMacroeconomy
Strong tax performance and underspend push primary surplus up to 3.15 bln in May The budget primary balance recorded a surplus of 3.15 billion euros in May, according to the preliminary budget execution data released by the Finance Ministry (MoF) on Monday.
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EconomyMacroeconomy Primary surplus of 3.28 bln confirmed for Apr as timing and taxes support budget The budget primary balance was confirmed at a surplus of close to 3.28 billion euros in April, compared to a surplus of 2.44 billion euros in the same month of 2023, according to the final Finance Ministry (MoF) budget execution data released on Monday.
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EconomyMacroeconomy
Primary balance at 3.25 bln in Apr, above target thanks to favourable timing The budget primary balance recorded a surplus of 3.25 billion euros in April, according to the preliminary budget execution data released by the Finance Ministry (MoF) on Wednesday.
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EconomyMacroeconomy
OECD sees growth stable at 2 pct this year, urges reforms and fiscal discipline In its latest economic outlook, the OECD is slightly more optimistic about Greece’s growth prospects, although it warns that there is no room for complacency as the economy’s structural challenges need to be addressed and the public spending the economy requires will lose the boost it had received from the RRF when the scheme concludes in 2026.
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EconomyMacroeconomy
Stability Programme revises growth down to 2.5 pct as investment estimates prove too rosy Greece submitted on Tuesday to the European Commission the 2024 Stability Programme, making it the first official document in which the Greek authorities have revised down their initial growth outlook for the year.
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EconomyMacroeconomy
Corporate taxation, underspend lead to 3 bln primary surplus in March The budget primary balance was confirmed at a surplus of close to 3 billion euros in March, compared to a surplus of 3.08 billion euros in the same month of 2023, according to the final Finance Ministry (MoF) budget execution data released on Tuesday.
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EconomyMacroeconomy
Fiscal data for 2023 indicates that 2.1 pct of GDP goal is within reach In the context of the first Excessive Deficit Procedure (EDP) notification of 2024, the fiscal data for the 2020-2023 period was released by ELSTAT on Monday. The figures contained encouraging signals for the Greek authorities as the fiscal framework becomes tighter and Greece aims to achieve large primary surpluses in the coming period.
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Economy
S&P ups outlook to positive, leaves rating at 'BBB-' S&P published the latest credit rating review for Greece, where the rating was left unchanged at ‘BBB-‘, while the outlook was upgraded from stable to positive. S&P had granted the investment grade to GGBs in October last year, followed by Fitch in December.
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EconomyMacroeconomy
Government tones down fiscal pledges as tighter framework starts to bite The tight fiscal framework imposed by the new Stability and Growth Pact rules and Greece's long-standing commitment to primary surpluses above 2 pct of GDP for decades are catching up with the Greek government, as the window that allowed for handouts and support initiatives thanks to the escape clause is now firmly closed.