EC revises its growth rate for Greek GDP down by 0.3%
The European Commission has revised its forecast for Greek economic growth in 2019 in its autumn report. The report released on Thursday predicts growth will stand at 2% in 2019, 0.3% down from its previous forecast last May.
However, the report left the prospect of Greece achieving a 2.3% growth rate open, under the condition, the Greek government and institutions reach an agreement on the pension issue. For this year, the Commission expects the economy to close at a 2% growth rate, marginally higher than the spring forecast of 1.9%.
The report projects unemployment in Greece will fall to 16.9% from 19.6% by 2020.
The EC warns that the Greek government should continue on its current austere fiscal path over the next years to avoid any setbacks for the primary surplus.
For 2019, the primary surplus is expected to reach 3.9% of GDP and the package of measures to be agreed by the government – institutions will reach 3.5% of GDP.
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