Predictions of the State budget’s draft that will be delivered by the Greek Finance Minister Euclid Tsakalotos to the Parliament’s President on Monday transcend the Memorandum’s demands on surplus in 2017.
With the new budget, the Greek government forecasts a 3,5 billion Euros primary surplus, after the new recovery measures. And even though the new tax measures will cut everyone’s income, Greece must expect a 2,7% growth.
Even if it is almost definite that the final plan that will be submitted in November to the Parliament will be altered, these are what the current draft defines:
-Primary surplus 0,6% of GDP (1 billion Euros) for this year, against a target for 0.5 percent
– Primary surplus 2% of GDP for 2017 (3,5 Billion Euros) against a target for 1.75% (3 billion Euros)
– Economic downturn 0,3% for this year
– Dynamic growth in 2017 with a 2,7% increase of the GDP
The prediction of a dynamic growth in Greece obviously helps the Government to prove that “there is money here” and that in that way, it can meet its targets. On the other hand, growth can be hampered by the new tax measures of 4,3 billion Euros.
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