Greek parliament approves 2020 budget, projects stronger growth

Greek parliament approves 2020 budget, projects stronger growth

ATHENS (Reuters) – Greek lawmakers approved on Wednesday the country’s 2020 budget, which projects stronger growth driven by higher investment, improving domestic demand and tax cuts as the country recovers from a decade-long debt crisis.

The budget forecasts the economy will grow by 2.8% next year from a projected 2.0% this year and generate a primary surplus, which excludes debt servicing costs, of 3.6% of gross domestic product (GDP).

Prime Minister Kyriakos Mitsotakis told lawmakers that the budget, “sets a new national goal. Growth for all”.

Greece emerged from international bailouts in August 2018. But it still needs to meet fiscal targets, including a primary budget surplus of 3.5% of GDP up to 2022, which many consider unrealistic.

Finance Minister Christos Staikouras told Reuters on Thursday the economy’s strong performance would help convince official lenders that Greece’s primary budget surplus targets can be reduced.

A majority of 158 lawmakers in the 300-seat parliament approved the budget that includes total tax cuts of 1.2 billion euros for corporations and individuals.

Mitsotakis announced on Wednesday an additional 8% cut in real estate tax for 2020.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source : Reuters Link

Follow 3-www.NET
Follow
e-News.US
  
Share
e-News.Us

Category Latest Posts