Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Historic current account data

 Greece posts its first surplus on record in 2013, while debt was smaller than planned due to tranche delay
The growth in tourism played a major part in the shift of the current account balance from deficit to surplus last year.

By Sotiris Nikas

In yet another positive message to the country’s lenders, Greece posted a surplus in its current accounts for 2013, amounting to 1.2 billion euros, with economists agreeing that it is a first since records started in 1948.

The balance, announced on Wednesday by the Bank of Greece, reflects the improved competitiveness of the Greek economy, while the fact that it has swung 36 billion euros within just five years points to the major adjustment achieved during that period.

In 2012 Greece had a current account deficit of 4.6 billion euros while in 2011 it came to 20.6 billion. The biggest deficit recorded over the last few years was in 2008, when it had reached 34.7 billion.

The deficit of the current accounts and that of the state budget were the so-called “twin deficits” that led the country into crisis and forced it to ask for bailout loans. Now both of these parameters have turned into surpluses and the Finance Ministry is harboring genuine hopes that the country is emerging from its crisis.

“This signals the start of the reversal of the old and persistent deficit trends of the Greek economy and is a positive omen for the fulfillment of estimates for 2014 as the year of return to sustainable growth,” a ministry statement said on Wednesday.

Meanwhile, the General State Accounting Office announced that central government debt amounted to 321.4 billion euros or 177.5 percent of gross domestic product at the end of 2013, rising by 15.9 billion euros from 2012, but 400 million euros less than in the first nine months of 2013.

The 2014 budget provided for the debt to total 325.9 billion euros at the end of 2013. The difference of 4.5 billion euros is attributed to the fact that the bailout installment expected for the last quarter of 2013 has not yet been disbursed as planned because the monitoring by the country’s creditors has not yet been completed.

The 2013 debt consisted of 230 billion euros in loans and 91.2 billion euros in bonds and short-term borrowing.

ekathimerini.com , Wednesday February 19, 2014 (22:32)  
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Measures to reduce unemployment
Education minister calls for probe into predecessor´s reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
ANALYSIS
EU’s three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Poland’s prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the country’s need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Don’t feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.