Deficit

The state budget primary balance amounted to a surplus of 2.44 billion euros for the January-April 2023 period, against a primary deficit target of €869 million and a primary deficit of €799 million in the same period last year. 

A ghost from the past, the current account deficit, has come to the fore again, on the occasion of the European Commission's spring forecasts, which calculated it at an alarming 11.8% of GDP in 2022, but also the strong warning by Bank of Greece Governor Yannis Stournaras on this specific issue.

Turkey's foreign trade gap in August shrank 32.4% year-on-year, the country's statistical authority announced on Sept. 30. 

The figure reached $4.3 billion last month, down from a $6.3-billion deficit in August 2020, according to TÜİK.

Turkish exports jumped 52% on a yearly basis to hit $18.9 billion, as imports amounted to $23.2 billion, a rise of 23.6%.

In June 2021, the current account deficit decreased year-on-year, mainly due to an improvement in the services balance and, to a lesser extent, the primary and secondary income accounts, which was partly offset by the deterioration in the balance of goods.

Turkey's foreign trade deficit stood at $2.85 billion in June, the country's statistical authority said on July 30. 

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In June 2021, foreign trade deficit decreased by 0.2% compared with same month last year, TÜİK said in a statement.

In May 2021, the current account showed a deficit of €1.4 billion, up by €477 million year-on-year.

The government adopted at its Friday's meeting the bill on the 2021 state budget, which remains "within the initial parameters", Prime Minister Florin Citu said. "We approved the Law on the 2021 state budget. We also approved the Law on ceilings, on specific indicators set out in the fiscal-budgetary framework for 2021, and the Law on the 2021 social security budget.

Greek products have displayed remarkable resilience in international markets, but the pandemic has had a negative effect on Greek fuel exports as both sale prices and quantities exported posted a considerable decline last year.

Greek Ministry of Finance officials are now certain that, with much of economic activity suspended, the 2021 budget deficit will be greater than originally expected.

"Our deficit will be higher," a top ministry official told Kathimerini, adding that European Union authorities had been briefed.

Deputy PM Dan Barna says each state-owned company has its own restructuring plans and that Romania must meet, in 2021, a budget deficit of up to 7.2pct, which could lead to the dismissal of some employees working in the public system. "Each state-owned company has its own restructuring plans.