On 4 October, the government presented the draft 2011 budget, which projects a fiscal deficit of 7.0% of GDP for next year. The projection is well below the 7.6% target set in the Economic Policy Programme, which aims at bringing the budget deficit to under 3.0% of GDP by 2014. In 2010, the deficit is estimated to reach 7.8% of GDP, lower than the 8.1% of GDP projected in the programme. The budget reflects a 5.9% decline in overall expenditure and a 6.9% increase in revenues. The fiscal adjustments include reductions in public investment, as well as savings from wage cuts in the public sector. That said, additional revenues are expected to come from the VAT increase, which was implemented in July this year, as well as from taxes on property and a special levy on profitable enterprises. Meanwhile, Eurostat, in cooperation with the Greek Statistical Office and the Greek Court of Auditors, is assessing the quality of public accounts data, thus delaying the revision of Greek budget deficit figures for 2006-2009 until 15 November. The budget deficit figure is expected to be revised up from 13.6% of GDP initially reported to 15.5% of GDP.
Government presents 2011 budget draft
October 27, 2010
Looking for forecasts related to Other in Greece? Download a sample report now.
Greece Economic News
October 10, 2016
In August, industrial production fell a working-day adjusted 0.3% compared to the same month last year, which contrasted the revised 4.7% expansion in July (previously reported: +4.1% year-on-year).
October 6, 2016
The number of unemployed fell by 5,357 in July, according to the Hellenic Statistical Authority (EL.STAT.).
October 3, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in September, erasing most of the gains made in August.
September 9, 2016
In July, industrial production rose a working-day adjusted 4.1% compared to the same month last year, which came in below the revised 7.9% expansion in June (previously reported: +7.5% year-on-year).
September 8, 2016
The number of unemployed fell by 6,800 in June, according to the Hellenic Statistical Authority (EL.STAT.).