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

16 May 2017
283 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

A Greek & a Cypriot on POLITICO’s list of the 28 most influential EU personalities for 2018
FINANCE
shares25 views
FINANCE
shares25 views

A Greek & a Cypriot on POLITICO’s list of the 28 most influential EU personalities for 2018

makis - Dec 15, 2017

One of the two names is more than well-known both in Greece and around Europe as it belongs to the…

Tito’s granddaughter sides with Greece against FYROM
POLITICS
shares79 views
POLITICS
shares79 views

Tito’s granddaughter sides with Greece against FYROM

makis - Dec 15, 2017

“Although my grandfather, Josip Broz Tito, ‘gave’ the name ‘Macedonia’ to one of the six constituent republics of Yugoslavia, it…

Education Minister Gavroglou opens a window for election of the Islamic mufti in Komotini
GREECE
shares34 views
GREECE
shares34 views

Education Minister Gavroglou opens a window for election of the Islamic mufti in Komotini

makis - Dec 15, 2017

A few days after the visit of Turkish President Recep Tayyip Erdogan to Greece, the Minister of Education, Kostas Gavroglou…

Leave a Comment

Your email address will not be published.