Greek economy beating estimates, 0.5% growth in Q3

The Hellenic Statistical Authority (ELSTAT) and the Greek Finance Ministry announced encouraging figures pointing to a positive turn in the Greek economy as the government appears on course to hit fiscal targets agreed with its international creditors as part of the latest bailout deal.

The Finance Ministry said it achieved a primary surplus amounting to 6.49 billion euro in the January – October 2016 period. The figure is higher than the target set – by 5.2 billion euro – an impressive result attributed to successful collection of taxes.

The government’s target was for a primary budget surplus – which excludes debt-servicing costs – of 1.79 billion euro for the January-October period. Net tax revenue was about 40 billion euro, 2.3 billion euro above the set target, while spending stood at 41.5 billion euro, 3.2 billion euro below target.

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