Greek 2018 primary budget surplus exceeds forecasts

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Posted on April 23, 2019, 1:06 pm
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Greece’s budget performance in 2018 was better than expected following some revenue-boosting measures by the government.

According to the country’s statistical agency, Greece recorded a primary budget surplus, which excludes the cost of servicing the country’s vast public debt, of 4.4 percent of its annual output. That’s ahead of government projections of 4.1 percent.

The agency also said Tuesday that the country’s debt mountain rose to 181 percent of GDP in 2018, from 176 percent in 2017.

Greece’s debt dynamics have been shaken by a debt crisis that led to a deep recession and forced Athens in 2010 to seek a massive international bailout. In exchange for the loans, successive governments implemented strict austerity measures.

Though Greece ended its bailout era last summer, it still has to post surpluses for years to come.

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