Budget deficit well within troika target

Last year’s budget deficit was 7.6%, which is well within the 8.6% target agreed with the Troika, according to latest official data.

Gross government debt is now forecast to peak at 123% at the end of this year, which is 2% higher than previous estimate of 121%. However, the rise in debt is due to the increase in the Government’s funding programme before it exits the market at the end of this year rather than a deterioration of the fiscal position.

Excluding cash sitting on the Government’s balance sheet, the country’s net debt position is 110%.