Greek budget forecasts stronger growth next year

AP News
Posted: Nov 21, 2014 6:48 AM
Greek budget forecasts stronger growth next year

ATHENS, Greece (AP) — Greece's government has submitted its 2015 budget to Parliament, predicting the economy will emerge from recession with growth of 2.9 percent next year.

The budget submitted Friday projected Greece's primary surplus — state income without taking into account interest payments on outstanding debt — of 3 percent of gross domestic product. It sees the deficit narrowing to 0.2 percent of GDP next year, from 1.3 percent this year and 1.6 percent in 2013.

The budget comes amid a disagreement between Greece and international creditors on remaining reforms before part of its bailout program ends this year.

Greece has relied on bailout funds from other eurozone countries and the International Monetary Fund since 2010. In return, it had to impose stringent spending cuts and tax hikes.