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Announcement on thepublication of Greekfiscal data for the period2006-2009: Eurostat fullyvalidates and withdrawsall reservations on theGreek fiscal data

15 | 11 | 2010

Main points:

Eurostat lifts all reservations regarding Greek fiscal data■2009 deficit revised to 15,4%, debt to 126,8% of GDP■2010 deficit estimated at 9,4%, debt at 144% of GDP■Deficit reduction in 2010 an unprecedented 6 percentage points ofGDP or over 14 billion Euro, larger than planned

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Greek government pledges to continue consolidation effort in line withits 3-year economic programme

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2011 budget to be submitted to Parliament Thursday November 18th■

Eurostat has today released final revised figures for the 2006-2009period regarding Greek fiscal data. With its announcement, Eurostatfully validates Greek data and withdraws all reservations following athorough investigation of Greek fiscal accounts in close cooperation withthe newly independent Hellenic Statistical Authority (ELSTAT).

The revision and validation of the fiscal data up to 2009 is a major step torestore transparency in fiscal management and to eliminatecontroversies over the quality and the accuracy of Greek fiscal statistics.   The 2009 deficit was revised from 13,6% to 15,4% of GDP or 36.150million Euro, an increase of 1,8 percentage points. This revision ismainly due to:

The reclassification of public corporations into general governmentdata (increasing the deficit by 0,7% of GDP)

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Adjustment of accounts of social security funds and local government(increasing the deficit by 0,9% of GDP)

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Downward revision of GDP for 2009 (increasing the deficit by 0,2% ofGDP) 

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The revision has also affected debt figures which now include theaccumulated debts of public enterprises classified in the GeneralGovernment fiscal balance. The 2009 general government consolidateddebt has been revised to 298.032 million Euro or 126,8% of GDP from

Organisation Economic Data Policy and Reforms Legislation Decisions

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115,4% of GDP, an increase of 11,4 percentage points. This revision ismainly due to:

 

The reclassification of public corporations into general governmentdata (increasing debt by 7,75% of GDP or 18.204 million Euro)

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Adjustment for off-market swaps (increasing debt by 2,3% of GDP or5.530 million Euro)

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It should be noted that despite the revision, the debt to GDP ratio is stillprojected to peak in 2013 and start declining afterwards.

The new starting point for the 2009 deficit reveals the magnitude of theunprecedented fiscal effort made by the Greek government in 2010.

Despite the data revision, the deficit reduction in 2010 is larger thaninitially targeted; 6 percentage points of GDP against a targetedreduction of 5,5 percentage points. The 2010 deficit resulting from thenew revised figures and general government accounts after thereclassification is estimated to be 9,4% of GDP, a reduction in excess of14 billion Euro compared to 2009.

Fiscal consolidation will continue within the targets and the framework ofthe Economic and Financial Programme agreed with the EU, ECB andIMF leading to a fiscal deficit below 3% of GDP in 2014. The 2011budget detailing the fiscal effort for 2011 and the measures to bring itabout will be tabled to Parliament on Thursday 18th November.

Hellenic Republic Ministry Of Finance 2010

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