ECONOMY

Primary budget deficit seen at 5% of GDP

primary-budget-deficit-seen-at-5-of-gdp

Finance Ministry officials have revised their projections on the budget deficit upward, as the recession due to the pandemic endures and is proving worse than expected.

Currently, they expect the total budget deficit to be around 14-15 billion euros, or around 8% of Greece’s gross domestic product.

As for the primary deficit, which includes interest payments on the country’s debt, they believe it will reach about €9 billion, or 5% of GDP.

Greece had planned for a 3.6% primary surplus this year, although a skeptical International Monetary Fund had estimated it at 2.6%.