Another huge primary surplus year in 2019

The 2019 primary budget surplus will end up at 3.7-3.8 percent of gross domestic product, according to the latest estimates by the State General Accounting Office. This will exceed the target for 3.5 percent of GDP by 0.2-0.3 percent, or 400-600 million euros.

In fact the primary surplus overrun of last year's budget ranged around 2.7-3 billion euros compared to the original target if one takes into account the additional measures implemented over the course of the year without being included in the budget. That would mean, for instance, that the budget could have been within its target without any takings from the Single Property Tax (ENFIA).

The original budget had provided for a primary surplus of 3.6 percent of GDP, or 6.9 billion euros. It therefore offered a safety cushion of just 199 million euros above the target of 3.5 percent.

However, the budget...