Downward revision of Greece’s figures for general government surplus in 2016

The Greek general government recorded a surplus of 0.8 billion euros, or 0.5 pct of GDP, last year, Hellenic Statistical Authority said on Monday.

The statistics service, in its second report on fiscal data sent to Eurostat in the framework of the excessive fiscal deficit procedures, said that the general government’s gross consolidated debt (in nominal prices) was 315 billion euros, or 180.8 pct of GDP in 2016, while the country’s GDP was 174.199 billion euros.

Based on the April report, the surplus was 0.7 pct of GDP and the public debt was 179 pct of GDP. The statistics service attributed this downward revision of data to the release of updated figures and changes in the classification of special transactions. Support offered to financial institutions last year had a positive impact on the general government’s balance (by 351 million euros of 0.2 pct of GDP).

The statistics service noted that the second report data did not show any surplus/deficit based on the memorandum signed with the country’s creditors.