ELSTAT: Greek Primary Surplus Reaches 1.9% of GDP in 2023

The primary surplus exceeded expectations at the close of 2023, hitting 4.01 billion euros or 1.9% of GDP, as per the Hellenic Statistical Authority’s (ELSTAT) initial estimate. This marked a significant improvement from zero in 2022.

Concurrently, GDP surged to 220.3 billion euros in 2023, up from 206.6 billion euros in 2022 and 181.5 billion euros in 2021.

ELSTAT’s disclosure for the Excessive Deficit Procedure (EDP) in 2024, submitted to Eurostat, sheds light on these figures.

Greek debt saw a slight dip to 356.7 billion euros by the end of 2023, down from 356.8 billion euros a year prior.

Though the absolute reduction is modest, the debt-to-GDP ratio dropped notably from 172.7% in 2022 to 161.9% in 2023.

Moving to 2024, the primary surplus hit 2.954 billion euros, surpassing the 2.133 billion euros target but trailing behind the 3.079 billion euros recorded in Q1 2023, according to Ministry of National Economy and Finance data.

However, the provisional state budget execution data for Jan-March 2024 tells a different story. It reveals a deficit of 77 million euros, straying from the anticipated 817 million euros outlined in the 2024 Budget memorandum.

This stands in contrast with the 220 million euros surplus seen in the same period in 2023.