Brussels, 04/11/2002 (Agence Europe) - Greek Finance Minister Nikos Christodoulakis has recognised that his country would have a budget deficit of 1.1% of GDP in 2002 and 0.9% in 2003, whereas, until now, Athens had been expecting a budget surplus of 0.4% this year and 0.5% next year.
These new figures result from Eurostat's update of the national accounts, in particular the "new classification of certain elements", explained Mr Christodoulakis, who added that this "did not call into question the positive assessment of Greek budget consolidation efforts". "These revisions do not challenge the improvement in public finances the country has achieved", observed Mr Christodoulakis, who continued: "We are still within the framework set by the Stability and Growth Pact." Greece is expected to register growth of 3.8% in 2003 instead of the 4.1% foreseen until now. The public debt figures were revised upwards to 105.3% in 2002 and 100% in 2003 (as compared to initial estimates of 103.2% and 99.3%).