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More ambitious fiscal targets

12/01/2016 09:51
The updated memorandum provides for somewhat more ambitious fiscal targets for the period 2015-2016.

The target for the 2015 primary surplus is set to €409 mn or 2,4% of GDP compared to the €334 mn or 1,9% of GDP that was the target in the previous memorandum.

Likewise, the 2016 primary surplus target has been increased to €473 mn or 2,7% of GDP from €433 mn or 2,4% of GDP.

At the same time the target for the overall fiscal balance after interest expenses for 2015 has been set to -0,8% of GDP compared to -0,9% before, while for 2016 it has been revised from -0,1% to 0,1%.

The targets for the primary surplus for 2017 and 2018 remain constant at 3% and 3-4% of GDP respectively.

It is noted that ceilings for the period 2016-2018 will be established and will accompany the 2016 Budget Law document. Any deviation from the budgetary objectives contained in the 2016-2018 framework will be properly documented and reasons for such deviations will be provided to the programme partners.