Deficit spending

The International Monetary Fund forecasts a primary surplus of 2.1% of GDP for Greece this year and a decrease in public debt by 10 percentage points to 158.8% of GDP in its report on fiscal developments (Fiscal Monitor).

Excessive domestic demand that has caused higher inflation will disappear around the second and third quarter of this year, Finance Minister Mehmet Şimşek has said.

The Central Bank is taking additional tightening measures, the minister said in an interview with private broadcaster CNN Türk. "We are fully supporting this."

European Union finance ministers agreed on Wednesday on changes to the EU's fiscal rules updating them to the post-pandemic realities of high public debt and the need for massive public investment to fight climate change.

The pact is complex but is built on two crucial principles: an upper limit for a country's national budget deficit, and an upper limit for its total public debt.

Finance Minister Asen Vassilev announced a significant decline in the state budget deficit for November, reaching a mere 0.6%. This marks a milestone in over two decades, with revenue from taxes surpassing expenditures—a first in this time frame.

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The budget deficit in the "State Government" institutional sector for 2022 is 4,859,000,000 leva, NSI reports. This is 2.9% of GDP.

The central government primary balance had a surplus of roughly 1.5 billion euros in the first half of 2023, up from a deficit of €3.8 billion in the same period in 2022, according to figures on the central government's net borrowing requirements on a cash basis, released by the Bank of Greece on Wednesday.

The central government budget produced a deficit of 219.6 billion Turkish Liras ($8.36 billion) in June, the Treasury and Finance Ministry has said.

Revenues increased by 48.2 percent last month from a year ago to 268 billion liras, with tax revenues rising 51.4 percent year-on-year to 231 billion liras.

The government will not allow permanent deteriorations in public finance indicators by bringing the budget deficit under control and reestablishing fiscal discipline, Treasury and Finance Mehmet Şimşek has said, adding that necessary measures are being taken to this end.

The primary budget deficit for 2022 came to zero, compared to a forecast of 1.6%, Finance Minister Christos Staikouras told the Athens-Macedonian News Agency, thanks to the higher-than-expected growth.

Greece's economy covered a gap of nearly 3.4 billion euros.