Latest macro & market developments - December 23, 2011
Greece Macro Monitor - Focus Notes
23 December 2011
• Budget execution data for year-to-November 2011 undershoot the 11-month target for 2011 • Net revenues for year-to-November 2011 were at €43.86bn, a decline of -3.0%YoY, lower by €0.19bn or -0.4% from the respective 2012 Budget revenue target for year-to-November 2011. • The government needs to generate revenue of ca €7.48bn in December 2011 –and to collect them in the first two months of 2012- so as to achieve the -9.0%-of-GDP deficit target; additional measures cannot be ruled out • Ordinary budget outlays for the year-to-November 2011 totaled ca €62.71bn, a 6.2% YoY increase as a result of the ongoing recession, public administration inefficiencies and mounting interest expenditure.