EC: Greek economy posts growth in 2016, exceeds surplus target in 2018
The European Commission on Monday revised, upwards, its forecasts for Greek economic growth in 2016, while confirming that the recovery will continue in 2017 -- but under the condition that the currently delayed second review of the Greek program will soon conclude.
Specifically, the Commission's winter report includes an estimate of a 0.3-percent GDP growth for 2016, whereas the previous report in November 2016 predicted the year would close with a decrease of 0.3 percent.
The Commission more-or-less echoes European creditors, and the Greek government, in forecasting economic growth of 2.7 percent this year; jumping to the impressive, by Greek standards, GDP growth of 3.1 percent in 2018.
The deficit in 2016 is gauged at hovering at -1.1 percent of GDP, as opposed to a 2.5-percent deficit, as a percentage of GDP, that it predicted last autumn. The deficit for 2017 will also touch on the -1.1 percent figure; with 2018 expected to post a 0.7-percent budget surplus.
The Commission measured Greece's debt at 179.7 percent of GDP in 2016; dropping to 177.2 and 170.6 percent for 2017 and 2018, respectively.
Unemployment decreased in 2016 to a still alarming 23.4 percent, with a continuing decrease for 2017, expected to ease to 22 percent.
According to Reuters, Greece will have a primary surplus in the budget of 3.7 percent of gross domestic product next year, exceeding the target of 3.5 percent agreed with its eurozone creditors, the European Commission forecast on Monday.
The size of next year's Greek primary surplus, which is the budget balance before debt-servicing costs, is a bone of contention between eurozone governments and the International Monetary Fund, which believes it will be only 1.5 percent.
A further disagreement between the two lenders to Greece is what surplus Athens will be able to maintain in the years after 2018. The higher the surplus and the longer it is kept the less is the need for any further debt relief to Greece.
The IMF insists Greek debt, which the Commission forecast on Monday would fall to 177.2 percent of GDP this year from 179.7 percent in 2016 and then decline again to 170.6 percent in 2018, is unsustainably high and that Greece must get debt relief.
Germany and several other eurozone countries say that, if Greece does all the agreed reforms, then debt relief will not be necessary.
The Commission forecast that Greek investment would triple to 12 percent of GDP this year and rise further to 14.2 percent of GDP next year.
Source: Reuters
Read more here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
- 1) Extended shop opening hours for Easter in Greece start on Thursday
- 2) Greek government will pass legislation halving commission paid for POS transactions
- 3) 'Basket of Godparents' available in Greek markets on Monday
- 4) 'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
25/04 22:00
Greek FM talks with Kuwaiti counterpart on bilateral relations, regional cooperation
25/04 14:49
Prices of products in Easter Basket the same or lower in Greece than in 2023
25/04 13:57
25/04 12:44
Greece and China to ink cooperation protocols in the fisheries sector
25/04 09:53
Extended shop opening hours for Easter in Greece start on Thursday
25/04 02:19
Athens Airport voted as the best in marketing strategy at European awards in Denmark
25/04 02:10
President of Hellenic Republic visits La Chascona Museum in visit to Chile
24/04 21:31
Thirty-one Greek political parties to take part in European Parliament elections
24/04 21:25
Payment by bank cards now accepted on Athens Airport Express bus lines
24/04 14:12
Herculaneum papyri unveil more than location of Plato's tomb in Athens
23/04 23:52
Greece’s New Ambassador to the United States visits Queens in New York
23/04 21:49
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
23/04 20:59
President of Hellenic Republic wraps up visit to Uruguay at parliament
23/04 15:44
Greek government will pass legislation halving commission paid for POS transactions
23/04 15:03
Precise location of Plato's burial site unveiled by ancient papyrus
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
Athens Airport voted as the best in marketing strategy at European awards in Denmark
Herculaneum papyri unveil more than location of Plato's tomb in Athens
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
President of Hellenic Republic visits La Chascona Museum in visit to Chile
Payment by bank cards now accepted on Athens Airport Express bus lines
Thirty-one Greek political parties to take part in European Parliament elections
Precise location of Plato's burial site unveiled by ancient papyrus
Greece’s New Ambassador to the United States visits Queens in New York
Greek government will pass legislation halving commission paid for POS transactions
President of Hellenic Republic wraps up visit to Uruguay at parliament
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
'Nature Positive' peport highlights new collaborative era in travel & tourism
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
Greek authorities simplify storage process for vehicles with foreign license plates
Infrastructure works on Spinalonga island to assist visitors and protect the monument
Greek and Turkish delegations discuss Confidence Building Measures for 2024
Athens Acropolis Museum to host photo show of historic Greek costumes
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
Prices of products in Easter Basket the same or lower in Greece than in 2023
Greece and China to ink cooperation protocols in the fisheries sector
Extended shop opening hours for Easter in Greece start on Thursday