Eurozone GDP up by 1.7%, while Greece stuck in recession

16 May 2017
1146 Views

The average growth rate in Eurozone countries stood at 1.7% in the first quarter of 2017, according to Eurostat’s initial estimates, while it was calculated at 2% for the EU28 area.

This is in contract to the Greek economy, which was the only country that registered a drop in growth for the sam3e period. According to Greece’s official statistical services (ELSTAT), which released its projections on Monday, the Greek GDP contracted by 0.5% in the first quarter of 2017, compared to 2016, while it also fell by 0.1% compared to the end of 2016.

Eastern European countries recorded the highest growth rates with Romania leading with 5.7%, followed by Poland (3.9%) and the Czech Republic (2.9%). According to data by ELSTAT and the Greek Finance Ministry, recession is deepening to the point where it is now at the worst stage in a decade. The first quarter of 2016 was the worse since after 2008.

The State General Accounting Office revealed that in April a 1-billion-euro deficit in public revenue investment had appeared, while the 1.7-billion-euro primary surplus was achieved in the quarter after the state had frozen its spending.

You may be interested

Athenians flee capital after free movement allowed
GREECE
shares30 views
GREECE
shares30 views

Athenians flee capital after free movement allowed

makis - May 14, 2021

Greeks were leaving en-masse from the Attica basin to nearby islands and other destinations on Friday, following the official lifting…

Movement free across Greece
GREECE
shares24 views
GREECE
shares24 views

Movement free across Greece

Panos - May 14, 2021

Greeks will be allowed to move freely throughout the country from Friday, as the Deputy Minister to the Prime Minister…

Let’s be honest, Turkey cannot join the EU: Manfred Weber
GREECE
shares28 views
GREECE
shares28 views

Let’s be honest, Turkey cannot join the EU: Manfred Weber

Panos - May 14, 2021

“Let us be honest, Turkey cannot join the EU,” said Manfred Weber, the leader of the European Parliament’s People’s Party…

Leave a Comment

Your email address will not be published.