Greece reduced its debt to GDP ratio by 23.3 percent in 2022, the German financial daily Handelsblatt underlined on Friday, while praising what it called the best performance in the European Union.
The decrease, according to Handelsblatt, is mostly due to a strong economic growth in the east Mediterranean country over the past two years.
“A good economy has brought in more tax revenue to state coffers than expected. Instead of an expected primary deficit – excluding the cost of interest payments – of 1.6 percent of GDP, a small surplus of 0.1 percent was recorded at the end of 2022,” the paper notes, while adding that “the fiscal success is even more remarkable, as the government doled out 10 billion euros in energy-related subsidies last year.”
Handelsblatt also reminded that tax revenues in the first quarter of 2023 were 12.4 percent above the stated target.
“The government of conservative Prime Minister Kyriakos Mitsotakis is, therefore, heading into the May 21 parliamentary elections in a strong fiscal position. Mitsotakis is seeking a second term in office. In the polls, his party, New Democracy, is currently leading former Prime Minister Alexis Tsipras’ radical left-wing Syriza party by about 5 percentage points,” the paper states, while citing the fact that Mitsotakis has pledged to continue reforms.
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