Primary surplus – surprise, at 1.9% of GDP, Greece achieved in 2023 according to its data ELSTAT and Eurostatwhen the target referred to a surplus of 1.1% of GDP.

Read the details of ELSTAT HERE

The public debt, according to the same figures, was formed to 161.9% of GDP with a decrease of more than 10 points compared to 2022, falling at the end of 2023 to 356.7 billion euros against 356.8 billion euros at the end of 2022.

GDP in 2023 increased to 220.3 billion euros compared to 206.6 billion euros in 2022 and 181.5 billion euros in 2021.

The total revenue of the General Government stood at 31.858 billion euros from 32.056 billion euros in the fourth quarter of 2022. Taxes on income and property at 10.419 billion euros from 10.824 billion euros. And social contributions to 7.822 billion euros from 8.152 billion euros.

Total General Government expenditure amounted to €32.546 billion from €32.336 billion in the fourth quarter of 2022. Primary expenditure to €30.398 billion from €30.758 billion. Dependent labor wages to 6.081 billion euros from 5.918 billion euros. Social benefits to 12.399 billion euros from 11.720 billion euros. And subsidies to 839 million euros from 3.595 billion euros.

Read EUROSTAT data in detail HERE (in English)

In the eurozone, the ratio of fiscal deficit to GDP decreased from 3.7% in 2022 to 3.6% in 2023 and in the EU it increased from 3.4% to 3.5%. In the Eurozone the ratio of public debt to GDP decreased from 90.8% at the end of 2022 to 88.6% at the end of 2023 and in the EU from 83.4% to 81.7%.

EUROSTAT data in detail HERE (in English)

4 significant benefits for the Greek economy from the primary surplus of 2023

According to the Ministry of National Economy and Finance, the resilience of the Greek economy and the stable fiscal policy led to the achievement of fiscal targets for the year 2023.

It is also reported that in relation to the objectives of the 2024 Budget, an excess of net tax revenues of 292 million euros was observed in the last quarter of 2023 and of 647 million euros in the period January-February 2024, recorded fiscally in the year 2023, while a restraint was observed of the expenses of the general Government bodies amounting to 602 million euros.

“This positive result proves the dynamics of the Greek economy, but also the gradual benefits from the reduction of tax evasion. It is indicative that in the months of January and February 2024, the 397 million euros out of the 647 million euros that was the exceeding of the targets , came from the payment of corporate income tax”.

Exceeding the primary surplus target is reflected in 4 areas, the ministry points out:

  • First, in the faster reduction of the public debt. Based on the above result, the Debt to GDP ratio decreased from 172.7% in 2022 to 161.9% in 2023.
  • Second, in creating a better starting point for achieving the 2024 fiscal targets, despite the international turmoil and the slowdown in international and European growth rates.
  • Thirdly, in the creation of more flexibility margins regarding the country’s 4-year fiscal planning due to debt containment.
  • Fourth, this result sends a strong signal to the international markets that the Greek economy is strengthening and growing beyond the targets, despite the difficulties and extraordinary events that the country has faced (natural disasters, international crises, dual national elections, etc.) the last year.