ECB: Greece has lowest growth rate in Eurozone
Greece recorded the lowest growth rate in 2017 among the EU member-states, according to the ECB’s annual report released yesterday. More specifically, the Greek GDP amounted to 1.4%, compared with a 2.3% average in the eurozone, while Ireland’s figure stood at 5%.
According to the report, the main factor that contributed to the disappointing rate was private consumption, which rose by only 0.1% in 2017, compared with an average increase of 1.6% in the rest of the EU states. Furthermore, Greece’s 1.1% fall in state expenditure, compared to an average rise in the Eurozone of 1.2%, exacerbated the problem.
In terms of per capita GDP at current prices and adjusted for the cost of living, each Greek has an income of 19,900 euros, compared with 54,600 euros for each Irish. In Portugal, the average income amounts to 23,100 euros, compared with 18,100 euro before the crisis. In Cyprus, the average income is 24,600 euros compared to 29,900 euro before the crisis. On average, the median income per capita in the euro area is 31,700 euros, according to the latest measurements (figures are 2016), compared with 24,300 euros before the crisis.
You may be interested
Mitsotakis: We expect the extension of our EEZ demarcation agreement with Egypt soonmakis - Jun 21, 2021
The Greek Prime Minister, Kyriakos Mitsotakis, is in Cairo, for his official visit to Egypt. Kyriakos Mitsotakis was received at…
Two Greek islands in best-hidden of the Mediterranean: TelegraphPanos - Jun 18, 2021
British media outlet Telegraph included the Greek islands of Karpathos and Alonissos in its top 20 holiday destinations in the…
Coronavirus Greece: 519 new cases, 321 intubated, 16 deathsPanos - Jun 18, 2021
Greece announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 519, of which 2…