The European Commission downgrades outlook for the Greek economy

3 May 2018
156 Views

The European Commission predicted growth of 1.9% of GDP this year and 2.3% in 2019 for the Greek economy, according to its latest figures released on Thursday morning.

However, in its winter forecast, the Commission had predicted growth of 2.5% of GDP for this year, so the decline in the predictions is steep.

The previous year, 2017, closed with a growth of only 1.4% compared to initial projections 3.1% on behalf of the Commission.

According to the Commission, the primary surplus of 2018 will amount to 3.7% of GDP above the 3.5% of GDP target and will remain the same for 2019. At the same time, it predicts a fall in unemployment from 21.5% in 2017 to 20.1% this year and to 18.4% in 2019.

It was preceded by the IMF, which in April revised its estimate for a 2.6% growth this year, as it had predicted last October, to 2.0% of GDP.

The government, in its “holistic development plan”, estimates that growth will reach 2.3% in 2018 and is expected to grow by 2.1% on average between 2020 and 2022.

You may be interested

Beauty and myth in Corinthia’s Trikala, where the Greek Gods and mountains beckon
GREECE
shares244 views
GREECE
shares244 views

Beauty and myth in Corinthia’s Trikala, where the Greek Gods and mountains beckon

Panos - Aug 21, 2018

Spas, resorts, and a ski centre offer year-round appeal on a mythical mountain where Hermes was born and Zeus enjoyed…

“Wish Tree” on Greek island becomes Tourist attraction
GREECE
shares10 views
GREECE
shares10 views

“Wish Tree” on Greek island becomes Tourist attraction

Panos - Aug 21, 2018

The “wish tree” on the picturesque Antipaxos island in the Ionian Sea has become a tourist attraction, as every year…

Prague Spring: 50 years to the day
WORLD
shares17 views
WORLD
shares17 views

Prague Spring: 50 years to the day

Panos - Aug 21, 2018

What is the back story? Czechoslovakia – modern day Czech Republic and Slovakia – was firmly under the influence of…

Leave a Comment

Your email address will not be published.