According to data available for the execution of the State Budget for the period January-April 2012, on a modified cash basis, State Budget deficit amounted to €9,098 million, a significant improvement relative to the target deficit of €11,009 million set in the 2012 Supplementary Budget, the Finance ministry announced on May 11. During the same period, State Budget primary deficit amounted to €1,679 million, notably better relative to the €3,262 million primary deficit required to be in line with targets.

The Greek economy continued to be in deep recession in the first quarter of 2012, during which GDP dropped by 6.2%, according to flash estimates released on May 15 by Hellenic Statistics Authority (ELSTAT).

According to ELSTAT, available non-seasonally-adjusted data indicate that, in the first quarter of 2012, Gross Domestic Product (GDP) at constant prices of year 2005 decreased by 6.2 % in comparison with the first quarter of 2011. Greece's GDP fell το €40.761 billion, from €43.448 billion in the first quarter of 2011.