IMF: Greece to return to primary surplus in 2023

Greece will return to primary surpluses from 2023 and remain on a course of reducing its public debt, the International Monetary Fund said in its Fiscal Monitor report released on Wednesday.

The Fund sees the general government primary surplus at 0.9% of GDP in 2023, rising to 2% in 2027, from primary deficits of 1.8% this year and 5.5% in 2021.

According to the report, the general government balance, including capital payments on debt, will show a deficit of 1.9% of GDP in 2023, from a shortfall of 4.4% this year, falling to 0.7% in 2027.

Public revenue is expected to fall from 47.6% of GDP this year to 45.9% in 2023 and to 43.6% in 2027, while public spending is projected to fall from 52% this year to 47.8% in 2023 and to 44.3% in 2027.

The general government debt is expected to fall from 199.4% of GDP in 2021 to 177.6% this year, to 169.8% in 2023 and to 149.9% in 2027.