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

16 May 2017
150 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

African heatwave to hit Greece from Thursday
GREECE
shares24 views
GREECE
shares24 views

African heatwave to hit Greece from Thursday

Panos - Jun 26, 2017

Greece is bracing itself for an African heatwave starting from Thursday, when temperatures are expected to reach over 42-43 degrees…

Bloomberg: Can an Ancient Greek Win America’s Wars?
DEFENCE
shares36 views
DEFENCE
shares36 views

Bloomberg: Can an Ancient Greek Win America’s Wars?

Panos - Jun 26, 2017

It’s been a scorching week in Washington, what with daily revelations about Russian hacking, the Senate stumbling its way to…

Moscovici: Agreement is good, but a few more measures are needed…”
FINANCE
shares41 views
FINANCE
shares41 views

Moscovici: Agreement is good, but a few more measures are needed…”

Panos - Jun 26, 2017

In an interview to Thema newspaper, the European Commissioner for Economic and Financial Affairs Pierre Moscovici said there were still…

Leave a Comment

Your email address will not be published.