1. English Useful links Communication
Announcement on the
publication of Greek
fiscal data for the period
2006-2009: Eurostat fully
validates and withdraws
all reservations on the
Greek fiscal data
15 | 11 | 2010
Main points:
Eurostat lifts all reservations regarding Greek fiscal data■
2009 deficit revised to 15,4%, debt to 126,8% of GDP■
2010 deficit estimated at 9,4%, debt at 144% of GDP■
Deficit reduction in 2010 an unprecedented 6 percentage points of
GDP or over 14 billion Euro, larger than planned
■
Greek government pledges to continue consolidation effort in line with
its 3-year economic programme
■
2011 budget to be submitted to Parliament Thursday November 18th■
Eurostat has today released final revised figures for the 2006-2009
period regarding Greek fiscal data. With its announcement, Eurostat
fully validates Greek data and withdraws all reservations following a
thorough investigation of Greek fiscal accounts in close cooperation with
the newly independent Hellenic Statistical Authority (ELSTAT).
The revision and validation of the fiscal data up to 2009 is a major step to
restore transparency in fiscal management and to eliminate
controversies over the quality and the accuracy of Greek fiscal statistics.
The 2009 deficit was revised from 13,6% to 15,4% of GDP or 36.150
million Euro, an increase of 1,8 percentage points. This revision is
mainly due to:
The reclassification of public corporations into general government
data (increasing the deficit by 0,7% of GDP)
■
Adjustment of accounts of social security funds and local government
(increasing the deficit by 0,9% of GDP)
■
Downward revision of GDP for 2009 (increasing the deficit by 0,2% of
GDP)
■
The revision has also affected debt figures which now include the
accumulated debts of public enterprises classified in the General
Government fiscal balance. The 2009 general government consolidated
debt has been revised to 298.032 million Euro or 126,8% of GDP from
Organisation Economic Data Policy and Reforms Legislation Decisions
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2. 115,4% of GDP, an increase of 11,4 percentage points. This revision is
mainly due to:
The reclassification of public corporations into general government
data (increasing debt by 7,75% of GDP or 18.204 million Euro)
■
Adjustment for off-market swaps (increasing debt by 2,3% of GDP or
5.530 million Euro)
■
It should be noted that despite the revision, the debt to GDP ratio is still
projected to peak in 2013 and start declining afterwards.
The new starting point for the 2009 deficit reveals the magnitude of the
unprecedented fiscal effort made by the Greek government in 2010.
Despite the data revision, the deficit reduction in 2010 is larger than
initially targeted; 6 percentage points of GDP against a targeted
reduction of 5,5 percentage points. The 2010 deficit resulting from the
new revised figures and general government accounts after the
reclassification is estimated to be 9,4% of GDP, a reduction in excess of
14 billion Euro compared to 2009.
Fiscal consolidation will continue within the targets and the framework of
the Economic and Financial Programme agreed with the EU, ECB and
IMF leading to a fiscal deficit below 3% of GDP in 2014. The 2011
budget detailing the fiscal effort for 2011 and the measures to bring it
about will be tabled to Parliament on Thursday 18th November.
Hellenic Republic Ministry Of Finance 2010
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