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Economy

Greece to Return to Primary Surpluses in 2023

October 12, 2022

ATHENS – Greece will return to primary surpluses from 2023 and remain on a course of reducing its public debt, the IMF said in its Fiscal Monitor report released on Wednesday.

The Fund sees the general government primary surplus at 0.9% of GDP in 2023, rising to 2% in 2027, from primary deficits of 1.8% this year and 5.5% in 2021.

The general government balance, including capital payments on debt, will show a deficit of 1.9% of GDP in 2023, from a shortfall of 4.4% this year, falling to 0.7% in 2027. Public revenue is expected to fall from 47.6% of GDP this year to 45.9% in 2023 and to 43.6% in 2027, while public spending are projected to fall from 52% this year to 47.8% in 2023 and to 44.3% in 2027.

The general government debt is expected to fall from 199.4% of GDP in 2021 to 177.6% this year, to 169.8% in 2023 and to 149.9% in 2027.

The IMF called national governments to maintain an austere fiscal policy and to adopt focused support measures against high energy prices.

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