Higher than the target was the primary surplus at the end of 2023 according to the first estimate of ELSTAT. According to the data, the primary surplus reached 4.01 billion euros or 1.9% of GDP, when in 2022 it was at zero.
This results from the first notification of the data in the context of the Excessive Deficit Procedure (EDP) of 2024 and which were submitted by ELSTAT to Eurostat in fulfillment of the country’s obligations.
GDP and public debt
At the same time, the GDP in 2023 increased to 220.3 billion euros against 206.6 billion euros in 2022 and 181.5 billion euros in 2021.
Based on ELSTAT data, the Greek debt fell at the end of 2023 to 356.7 billion euros compared to 356.8 billion euros at the end of 2022. The reduction in absolute numbers is marginal, but as a percentage of GDP significant. In particular, from 172.7% of GDP in 2022 it was reduced to 161.9% of GDP at the end of 2023.
In addition, a deficit of €3.5 billion (according to ESA 2010) or 2.5% of GDP was recorded in the General Government last year.
Compared to the previous notification (October 2023), there was an increase in the deficit by 0.1 unit of GDP and a decrease in debt by also 0.1 as a percentage of GDP. The revisions are mainly due to updated data, to methodological changes.
This year’s picture
At a surplus of 2,954 million euros, the primary result was formed on a modified cash basis, against a target of a primary surplus of 2,133 million euros and a primary surplus of 3,079 million euros for the same period in 2023, the data of the Ministry of National Economy and Finance for in the first quarter of 2024.
According to the provisional data on the execution of the state budget, on a modified cash basis, for the period January – March 2024, there is a deficit in the balance of the state budget of 77 million euros against a target for a deficit of 817 million euros included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a surplus of 220 million euros in the corresponding period of 2023.
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