IOBE predicts Greek GDP growth of 2% in 2018

12 July 2018
292 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

The UK to refer to FYROM as North Macedonia from now
GREECE
shares10 views
GREECE
shares10 views

The UK to refer to FYROM as North Macedonia from now

Panos - Feb 18, 2019

The UK Secretary of State for Foreign and Commonwealth Affairs, Jeremy Hunt sent his congratulations to the governments of Greece…

ND leads SYRIZA by over 13% in Athens’ 1st electoral district, latest poll published in Proto Thema shows
GREECE
shares13 views
GREECE
shares13 views

ND leads SYRIZA by over 13% in Athens’ 1st electoral district, latest poll published in Proto Thema shows

Panos - Feb 18, 2019

Main Greek opposition party New Democracy (ND) has opened up a substantial lead against ruling leftist SYRIZA of 13.1 points…

Weather forecast: Showers
GREECE
shares11 views
GREECE
shares11 views

Weather forecast: Showers

Panos - Feb 18, 2019

Scattered showers, snowfall and northerly winds are forecast for Monday.Wind velocity will reach 8 on the Beaufort scale. Mostly fair…

Leave a Comment

Your email address will not be published.