Greece’s 2016 surplus revised down, debt up, Eurostat says

Greece’s budget surplus last year was lower than initially estimated and its debt higher, revised data by the EU statistics office showed on Monday.

Eurostat said Greece had a 0.5 percent surplus in 2016, after a 5.7 deficit the previous year, but this was lower than the 0.7 percent initially estimated by the EU agency in April.

Greece’s debt stood at 180.8 percent of the gross domestic product (GDP) last year, more than the previous estimate of 179.0 percent, and much higher than the 2015 reading of 176.8 percent, Eurostat data showed.

The new figures follow Athens’ announcement last week that the country was in recession in 2016, contrary to previous estimates of a return to mild growth.

The higher debt could complicate the country’s plans to bring its third bailout program since 2010 to a successful end in August 2018

For that to happen Athens would have to fully return to market financing with new bond sales after an auction in July, its first since 2014.

[Reuters]