Greek primary surplus totalled 3.4 bln euros in 2013

Greece's primary surplus totalled 3.4 billion euros in 2013 (excluding the financial support offered to banks), Alternate Finance Minister Christos Staikouras said on Wednesday.
The primary surplus figure was based on Eurostat's methodology, while the troika estimates this figure at 1.5 billion euros.
Greece's primary surplus in 2013 amounted to 1.5 billion euros, corresponding to 0.8 percent of the country's GDP, a European Commission spokesperson said in Brussels.
The general government's deficit for 2012 and 2013, based on the European Account System (ESA 95), excluding the impact from supporting Greek banks, fell below budget provisions, with the shortfall totaling 3.8 billion euros in 2013 or 2.1 pct of the country's GDP, a figure below the average rate both in Europe and the Eurozone, the Finance ministry said on Wednesday.
In a report, the ministry noted that the general government's primary surplus, based on ESA 95, excluding the impact from supporting Greek banks, totaled 3.4 billion euros in 2013. The primary surplus, based on the framework of an Economic Policy Program, is estimated at 1.5 billion euros, higher than the programme's provisions for zero surplus and surpassing budget provisions for a surplus of 812 million euros.
The report stressed that according to a recent report by Hellenic Statistical Authority on measuring primary budget balance, in the framework of an Economic Policy Program, a series of spending and proceeds were addressed differently from recording of fiscal data when presented by Hellenic Statistical Authority and Eurostat. Such spending or proceeds are, for example, revenues from privatization of assets, spending on transactions related with a recapitalization of banks and proceeds from money transfer related with Eurozone central banks' income from their portfolio in Greek state bonds.
Staikouras said that troika's estimate was fully compatible with the government's decision to distribute a social dividend, repay overdue debt to the private sector and reducing non-wage cost in the country. Earlier, Eurostat said that the general government's deficit totalled 12.7 pct of GDP in 2013, while excluding the financial support to banks, the deficit was 2.1 pct of GDP.
Eurostat said that the general government's deficit totalled 23.109 billion euros in 2013, which excluding the financial support offered to banks led to a primary surplus of 3.4 billion euros, a figure fully aligned with data released by Hellenic Statistical Authority in April 14.
The general government's debt totalled 318.703 billion euros, while the country's Gross Domestic Product totalled 182.054 billion euros in 2013. Financial support offered to Greek banks totalled 19.272 billion euros in 2013.