Greek Parliament Report: ‘Primary Surplus To Reach 4.5 Per Cent In 2018’

Date: 13.11.2018 / By Nick Kampouris / / Comments (0)
The Greek Parliament, Athens. Photo by Wikimedia Commons.

Greece’s economic surplus for the year 2018 may significantly exceed targets, reaching up to 4.5 per cent of the country’s GDP (ahead of its target of 3.5 per cent), according to a report presented on Tuesday by the Parliament’s Budget Office. However, the report warned of uncertainties related to pensions and the course of the global economy.

“The Greek economy remains on a positive course, unemployment is falling, employment and wages (are) rising, while based on current data the state budget’s primary surplus is up €1.0 billion ($1.15 billion) compared with the same period last year,” it said.

“This development offers room for a significant social dividend at the end of the year,” added the report, warning, however, that “there are still some uncertainties related with the course of the global economy, trade tensions, Italy and rising fiscal pressures in the light of court decisions annulling implemented wage and pension measures.”

Frangiskos Koutentakis, Head of the Parliament’s state budget office, also said that although he recognized the risks, he predicted that it was unlikely to see a wave of state obligations which would negatively impact the projected surplus.

You can read the report in Greek here.

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