The Greek government is set to enjoy a higher primary surplus in the 2024 budget, thanks to consistent overshooting of tax revenue targets this year. This surplus is expected to allow for around €500 million in additional spending next year, surpassing the original target after an agreement with the European Commission.
The primary surplus for this year is anticipated to reach 2.4% of GDP, exceeding the targeted 2.1% outlined in the April Stability Program. The European Commission had already predicted a surplus of 2.3% of GDP for the year. This trend of exceeding targets is expected to continue, building on last year’s primary surplus of 1.9% of GDP.
The surplus in 2023 was significantly higher than initially forecast, and this year’s tax revenues have consistently outperformed expectations, exceeding targets by €1.6 billion from January to July. The government is working with the European Commission to finalize the exact figures by the end of the month.
