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Greece to achieve over 3.6 percent of GDP primary surplus in 2016: Greek minister

Xinhua, April 20, 2017 Adjust font size:

Greece will achieve a primary surplus of more than 3.6 percent of GDP in 2016, exceeding by far initial forecasts in one more sign of the impressive progress in efforts to restore stability and growth, Greek Digital Policy Minister Nikos Pappas told Xinhua here on Thursday.

The Greek official expressed optimism over the prospects of the Greek economy, pointing to the latest estimates on the 2016 primary surplus during the signing of an agreement between Xinhua and Greek national news agency ANA to strengthen their cooperation.

Greece's statistical authority ELSTAT is expected to formally announce on Friday that the 2016 primary surplus was close to 4 percent of GDP, according local media citing Finance Ministry sources.

Under the 2015 bailout program, Greece and its international creditors had set a target of 0.5 percent of GDP primary surplus for 2016.

In its latest report released on Wednesday, the International Monetary Fund revised its projections from 0.1 percent of GDP last fall to 3.3 percent primary surplus in 2016 for the Greek economy.

Athens expects that improved fiscal indexes will enhance its position in negotiations with creditors to close the second review of the current third bailout and continue on the path of economic recovery. Endit