EU Cοmmission confirms Greece’s return to growth, cuts 2017 forecast

12 May 2017
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“I hope and I am waiting that an agreement will be reached at the Eurogroup on May 22. We have spent a lot of energy on this and the climate has changed,” said the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici, commenting on Greece’s progress.
Moscovici presented the Commission’s Spring Economic Forecasts on Thursday, presenting revised figures for Greece’s economic growth to 2.1 % GDP in 2017. The previous estimate was of 2.7 %, while numbers for 2018 also change to 2.5 % from 3.1 %, according to NewEurope.
The Commissioner rather suggested that the Berlaymont readjusted its forecasts, as the second review’s late closure affected the economy, cutting Greece’s growth potential for the years to come.
“Greece’s performance was overall more robust, 9 times more on what’s expected,” added Moscovici. “We will remain confident that Greece can reach the primary surplus target of 1.75% in 2017 and 3.5% in 2018.”
As for the review, Moscovici suggested a “rapid conclusion” was possible: “If Greece aims at high growth rates, it must immediately and smoothly conclude the second program review. […] In our view should take place at the next Eurogroup of 22 May 2017.”

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