Reuters: Greek 2016 primary surplus seen around 4 pct of GDP, above bailout target- source

Greece achieved a primary budget surplus of about 4 percent of gross domestic product last year, outperforming its 0.5 percent of GDP target under its bailout programme, a government official told Reuters on Friday.

Earlier, the country’s statistics agency (ELSTAT) released figures showhing that under ESA 2010 guidelines, the general government’s primary balance, excluding debt servicing, reached a surplus of 3.9 percent of economic output last year versus a downwardly revised 2.3 percent deficit in 2015.

ELSTAT did not calculate a figure for the primary budget balance under the country’s bailout programme, where there is a different statistical treatment on some expenditure and revenue items.

“Based on the figures released today by ELSTAT, our estimate is that the 2016 primary budget surplus, based on the bailout programme, is about 4 percent, or slightly higher,” the government official said, declining to be named. (Reporting by Lefteris Papadimas)

Source: Reuters