From € 1.8 billion to € 2 billion of domestic consumption, it is estimated that the market will be deprived, in particular trade, in 2018, due to the activation of the new austerity measures with the basic benefits cuts, but also because of the direct and indirect increase in taxation.
This was commented by the President of the Greek Confederation of Trade and Entrepreneurship and the Chamber of Commerce and Industry of Piraeus Vasilis Korkidis referring to the draft budget for 2018.
Mr Korkides also pointed out that the draft budget for 2018 submitted to Parliament foresees a primary surplus of 3,5% of GDP or € 6,6 billion and growth of 2,4%. GDP in absolute figures is projected to reach € 187.8 billion in 2018 from € 181.2 billion this year, corresponding to a growth of 1.8% of GDP.
Possibly, the Greek economy could achieve even higher rates, even 2%, because tourism receipts that are a "barometer" for the recovery of the country have not yet been calculated.
However, the draft will provide for an increase in taxes next year with costly measures of at least EUR 1.9 billion. Revenue from direct taxation is easing to 22.6 billion euros next year (from € 21.5 billion this year, an increase of € 1 billion) and indirect taxation to € 27.7 billion ( increased by 3.2% compared to this year's levels).
To achieve the surplus target, the new budget incorporates 12 new collection measures already adopted. The biggest reactions are expected to be caused by two of these measures, the implementation of which the government wants to postpone.
It is the abolition of the 30% VAT deduction on the 32 Aegean islands that will cause a surge of surges and the imposition of the capital gains tax on real estate as of 1 January 2018, a measure that will bring them down the market. Of course, the government may seek to extend the implementation of these two measures, but the final reason will be borne by the lenders in the third assessment.
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