IOBE predicts Greek GDP growth of 2% in 2018

12 July 2018
116 Views

The Athens-based Foundation for Economic & Industrial Research (IOBE) on Wednesday forecast a GDP growth rate for Greece in 2018 at 2 percent, a figure cited in its second quarterly report of the year.

In presenting the report, IOBE board chairman Takis Athanasopoulos reminded that the economic damage incurred by Greece over the crisis years – 2009 to the present – has lowered living standards in the country to neighboring Balkan states’ level, where before they once “approached” Scandinavian levels.

According to the IOBE study, the Greek economy grew in the first quarter of 2018 by 2.3 percent, compared with the preceding quarter, Q4 2017. The growth was attributed to an improvement in the balance of trade payments, buoyed by a hike in exports, 7.6 percent, and a drop in imports, -2.8 percent.

Investments also dropped by 12.1 percent, although IOBE attributed this figure to a significant decline in the import of vessels, i.e. purchases by Greece-based shipping companies.

Household consumption continued to decline in Q1 2018, by 0.4 percent, for the third straight quarter, whereas public consumption was slightly up, 0.3 percent.

You may be interested

Lotto results: 22/09/2018
GREECE
shares30 views
GREECE
shares30 views

Lotto results: 22/09/2018

Panos - Sep 22, 2018

The winning numbers from the Lotto draw are as follows:

EU27 tell May “mild Brexit” not an option
POLITICS
shares44 views
POLITICS
shares44 views

EU27 tell May “mild Brexit” not an option

makis - Sep 21, 2018

Theresa May’s proposed new economic partnership with the EU “will not work”, the head of the European Council has said.…

Zaev: There is only one Macedonia and it is our country
POLITICS
shares53 views
POLITICS
shares53 views

Zaev: There is only one Macedonia and it is our country

makis - Sep 21, 2018

“There is no other Macedonia apart from ours”, said the Prime Minister of FYROM Zoran Zaev in an interview he…

Leave a Comment

Your email address will not be published.