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Greece: State Budget Execution, January – September 2015

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WP_20150523_055Global Economic & Market Outlook – Focus Notes (29 October 2015)

Greece: State Budget Execution, January – September 2015

According to the final State Budget (SG) Execution data for the year-to-September 2015
period, the budget balance recorded a ca €1.9bn deficit, improved relative to the respective Draft 2016 Budget (D16B) target (deficit at ca €3.1bn). The primary balance recorded a surplus of ca €3.1bn, significantly outperforming the D16B target (primary deficit of ca €1.3bn).

The new revised D16B compared with the 2015 Budget (15B) includes lower targets for: a)
Ordinary Budget Net Revenue by ca €1.8bn for 2015 (€4.6bn for the 9-month period) due
mainly to lower tax revenue and tax refunds, b) Ordinary Budget Expenditure by ca €0.8bn for
2015 (€3.1bn for the 9-month period) due mainly to lower military expenditure and state
guarantees. PIB revenue and expenditure targets remained unchanged. As a result of the
above, both the fiscal and the primary balance are lower by ca €2.1bn (€0.5bn for the 9-month
period).

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GLOBAL FOCUS NOTE_Oct 29 BUDGET EXECUTION

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