ECONOMY

Greek 2013 budget gap revised down to 1.8 pct/GDP

Greece had a smaller than previously reported budget deficit last year, the European Union’s statistics office said on Tuesday, as it recalculated data under a new accounting system.

Eurostat said that Greece had an overall budget deficit of 12.2 percent of gross domestic product in 2013 rather than the 12.7 percent under the old accounting system.

Of that number, 10.4 percent of GDP is accounted for by money set aside to recapitalize the Greek banking sector, Eurostat said, so the actual government deficit was revised down to 1.8 percent from 2.3 percent under the old accounting system. [Reuters]