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Budget draft plan foresees 3.8% recession in 2013

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A draft budget plan, which was tabled in Parliament, on Monday envisages spending cuts worth 7.308 billion euros for 2013, a recession of -3.8 pct (from a recession of -6.5 pct this year) and unemployment of 24.7 pct (from 23.5 pct in 2012).

According to the budget draft plan, spending savings will result from a restructuring of the public sector (483 million euros), a restructuring of local authorities (100 million euros), reduced payroll spending (1.1 billion euros), lower pension spending (3.799 billion euros), cutbacks in social benefits (347 million euros), lower healthcare spending (803 million), cutbacks in national defense (304 million), lower spending on education (132 million) and a restructuring of public sector enterprises (241 million euros).

On the other hand, budget revenues are projected to rise by 492 million euros from a renationalization of family benefits, a rise in retirement age by two years (5 million euros), lower revenue returns (60 million euros).

The budget draft plan also foresees a fiscal deficit of 4.2 pct of GDP next year (from 6.6 pct in 2012) and a primary surplus of 1.1 pct of GDP (from a primary deficit of 1.4 pct this year).

Net regular budget revenues are expected to total 48.952 billion euros this year and 46.742 billion euros in 2013, following the implementation of additional fiscal austerity measures). Overdue debt by invididuals, currently at around 7.0 billion euros, were projected to be repaid in two equal tranches this year and in 2013.
Private consumption is projected to fall by 5.9 pct in 2013; public consumption to fall by 7.2 pct and investments to decline by 3.7 pct. Exports of goods and services were projected to rise by 2.5 pct, while imports to fall by 5.3 pct. Employment is expected to decline by 3.0 pct and the inflation rate to ease to -0.1 pct.

SOURCE: ATHENS NEWS AGENCY

Last Updated Tuesday, 02 October 2012
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