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Industrial turnover back in contraction again in Mar, falling by 6 pct YoY -
Central govt debt drops to 405.54 bln in Q1, bonds rise by 3bln -
Vehicles licences jump by 36.3 pct in Apr thanks to strongest car sales since 2010 -
Primary balance at 3.25 bln in Apr, above target thanks to favourable timing -
EC makes minor adjustment to growth forecast, at 2.2 pct for 2024 -
Import price index up by 1.3 pct YoY in Mar for first rise in 13 months
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greeceās fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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