BUSINESS

Greece beats budget target for third year, debt edges down

TAGS: Economy

Greece has beaten its bailout budget targets for a third successive year and eased its massive debt burden by a fraction as the country prepares to exit its international rescue program in four months.

The country's independent statistics agency on Monday reported long-awaited data for 2017 that will affect ongoing negotiations between Athens and creditors on the terms of Greece's exit.

The agency reported that the 2017 primary budget surplus – the balance before debt repayment is included – stood at 4 percent, while the national debt stood at 178.6 percent of gross domestic product, down from 180.8 the previous year.

Economic output was 177.7 billion euros ($218 billion), confirming a return to growth, but still almost a billion euros lower that annual output in 2014. [AP]

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