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Athens News Agency: News in English, 08-12-23

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Greek budget revenues up 12.8 pct in November
  • [02] Eurobank forecasts lower GDP growth for Greek economy in 2009

  • [01] Greek budget revenues up 12.8 pct in November

    Budget revenues grew by 12.8 percent in November, compared with the same month last year, the finance ministry announced on Tuesday. The ministry, in a report, said the November figures clearly showed a recovery in state revenues, with tax agencies reporting a 6.8-pct increase in revenues, while custom bureaus reported a 1.8-pct decline in revenues during the same month.

    Revenues from tax and customs grew by 4.5 pct, while revenues from other categories soared 118.2 pct. Budget revenues grew 6.6 pct in the 11-month period from January to November, up from 6.0 pct in the Jan-October period, but remained below the budget target for the year. VAT revenues fell by 3.9 pct in November.

    [02] Eurobank forecasts lower GDP growth for Greek economy in 2009

    The Greek economy will grow by 1-1.7% in 2009, Eurobank EFG said on Tuesday, in presenting its quarterly report on the Greek economy, entitled "Macro Monitor: A Quarterly Economic Review of the Greek Economy".

    The bank's analysts said a budget target to cut the country's fiscal deficit to 2.0 pct of GDP was also "ambitious".

    The report said economic growth will slow to between 1.0 pct and 1.7 pct in 2009, down from 2.9 pct in 2008 and 4.0 pct in 2007, reflecting an international credit squeeze in money markets and a significant worsening of growth prospects for all of Greece's major trading partners.

    Eurobank's analysts noted that a new significant revision of forecasts for economic growth next year was not excluded because of the high level of uncertainty surrounding the global economy.

    Domestic demand growth is expected to slow further in 2009, mainly due to a decline in domestic consumer spending and investments. Export of goods and services is expected to also be negatively affected, with the services sector expected to suffer from an anticipated decline in shipping remittances and travel revenues.

    Eurobank's report, however, stressed that Greek economic growth rates would continue to significantly surpass the Eurozone's growth rates next year. The bank's analysts expect Greece's average inflation rate to rise to 4.4 pct this year, up from 2.9 pct in 2007, before falling to 3.2 pct in 2009.

    The report also warned that current yield spreads between Greek and German benchmark state bonds could result to a significant burdening of the state budget's provisions on interest repayment, by 150-200 million euros in 2009 and a total of 750-1.0 billion euros in the next five years.

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