Global Economic & Market Outlook – Focus Notes (Friday, September 8 2017)

Greece: January – July 2017 State Budget Execution & July 2017 General Government Arrears

• According to the final State Budget Execution data for January – July 2017, the budget balance recorded a deficit of ca €1.35 bn, ca €0.93 bn narrower relatively to the respective Medium Term 2018-21 (MTFS) target (deficit €2.28 bn). The primary balance recorded a surplus of ca €3.02 bn, outperforming the MTFS target by €0.93 bn (primary surplus €2.10 bn). Ordinary Budget net revenue and direct taxes under-performed their MTFS targets by €0.68 bn, and €0.24 bn respectively. Indirect taxes over-performed their MTFS targets by €0.23 bn. Ordinary expenditure stood at €27.55 bn, undershooting the respective MTFS target by €1.04 bn.
• In more detail, ordinary budget net revenue for January – July 2017 (Fig.1) amounted to ca €26.25 bn, lower by €0.68 bn (or -2.5%) compared to the respective MTFS target but €0.22 bn (or 0.8%) above the corresponding 2016 figure.

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GLOBAL FOCUS NOTE #GR BUDGET EXECUTION 05092017