Download Greek government deficit at 3.2% of GDP and public

STAT/04/62
7 May 2004
Revised first notification of deficit and debt data for 2003
Greek government deficit at 3.2% of GDP and
public debt at 103.0% of GDP
Greece has submitted to the European Commission, at the beginning of May 2004, a revised notification of its data
on deficit and debt for the year 2003. These revised data have been verified by Eurostat, the Statistical Office of
the European Communities.
These new data follow revisions of primary data by the Greek authorities and bilateral discussions between
Eurostat and the Greek authorities held recently in Athens. The combined effect of these revisions show a
significant change in the data included in the first notification transmitted to Eurostat by Greece in March 20041 and
which were not validated by Eurostat at that time. Eurostat is not yet in a position to fully certify the data for 2003,
and possibly for previous years (see below). Therefore, the following figures represent a partial revision of Greek
debt and deficit data for 2003:
2003 Government deficit(-)/ surplus (+) in % of GDP
2003 Government debt in % of GDP
March 2004 Notification2
Revised Notification
-1.7
-3.2
102.4
103.0
At this stage, the increase in government deficit for the year 2003 is essentially due to:
• a downward revision of tax revenue estimates (mainly VAT) in public accounts;
• a downward revision of payments received from EU institutions in the context of certain structural fund
programs;
• the reclassification, as a financial transaction, of a payment from the Saving Postal Bank to government.
This revision affects only the deficit for central government. The debt has not changed in absolute values and the
change in the debt ratio is only due to a downward revision of GDP for the year 2003.
Moreover, the reasons for which Eurostat is not in a position to fully certify the debt and deficit figures for 2003, and
possibly for previous years, are the following:
• under-estimation of government expenditure for the procurement of military equipment;
• lack of reliable information for recent years, concerning the surplus notified for the sub-sector Social
Security Funds.
Eurostat has asked the Greek authorities to make the necessary efforts to clarify these outstanding issues, so as to
be in a position to certify the data notified by the Greek authorities in the context of the next September 2004 EDP
official notification.
1.
2.
See News Release 38/2004 of 16 March 2004
Figures not validated by Eurostat
Issued by:
Eurostat Press Office
Philippe BAUTIER
BECH Building
L-2920 Luxembourg
Tel: +352-4301-33 444
Fax: +352-4301-35 349
[email protected]
For further information:
Luca ASCOLI
Tel: +352-4301-32 707
Fax +352-4301-32 929
[email protected]
Eurostat news releases on the Internet:
http://europa.eu.int/comm/eurostat/