greek economy expands in 1q
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Greek economy expands in 1Q

Arab Today, arab today

Arab Today, arab today Greek economy expands in 1Q

A woman carries a suitcase at Ermou Street, Athens
Athens - Arab Today

Greece’s economy expanded in the first three months of 2017, its statistics service said on Friday, upwardly revising a previous flash estimate in May that showed a 0.1 percent quarterly contraction. Data showed the economy grew by 0.4 percent between January and March compared to the final quarter of 2016 when gross domestic product (GDP) contracted by 1.1 percent.
The seasonally adjusted data also showed that Greece’s economy grew at a year-on-year pace of 0.4 percent in the first quarter, after contracting by 1 percent in the fourth quarter of 2016.
“The readings are better as we had more accurate estimates in the time that has intervened after the flash projections,” said a senior official at ELSTAT.
The government, keen to wrap up a bailout review and get more clarity on further debt relief from its official lenders, has downwardly revised this year’s growth projection to 1.8 percent from 2.7 percent previously.
It expects the recovery to strengthen next year with GDP growing by 2.4 percent. The EU Commission has also cut its economic growth forecast for Greece to 2.1 percent this year from 2.7 percent previously.
A recovery will be key to bringing down an unemployment rate of nearly 23 percent, the highest in the euro zone and attaining a projected primary budget surplus of 1.75 percent — excluding debt servicing outlays — demanded by Greece’s creditors. The main drivers behind the rise in first-quarter economic output were stronger consumption and gross capital formation, offsetting a negative contribution from net exports.
Consumption rose 0.4 percent compared to the fourth quarter, with imports rising by 4.5 percent while exports declined 2.3 percent. Gross capital formation jumped 48.3 percent from the previous quarter. “Based on this revision, the government baseline scenario of 1.8 percent full-year growth in 2017 looks pretty attainable,” said National Bank economist Nikos Magginas.
“The surprise was that consumption proved more resilient than expected during a difficult quarter marked by uncertainty over the bailout review talks.” Had there been a positive contribution from net exports, we would have seen growth of more than 1 percent in the first three months, he said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

greek economy expands in 1q greek economy expands in 1q

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

greek economy expands in 1q greek economy expands in 1q

 



GMT 07:02 2017 Monday ,27 November

Nissan GT-R/C races at Silverstone

GMT 10:06 2015 Saturday ,27 June

Chevrolet lifts lid on 2016 Camaro Convertible

GMT 18:51 2018 Friday ,26 October

Four Palestinians killed by Israeli gunfire

GMT 03:14 2016 Wednesday ,28 December

Kiir: National dialogue will end civil war in S. Sudan

GMT 03:07 2017 Monday ,19 June

Syrian army declares ceasefire in Deraa

GMT 09:00 2014 Tuesday ,02 December

Jewels no money can buy on show in Florence

GMT 18:59 2017 Friday ,08 December

Morocco summons UNSC permanent members' envoys

GMT 10:00 2017 Thursday ,06 April

We are trying to re-raise Egyptian cotton value

GMT 21:43 2017 Tuesday ,07 March

Singer George Michael died of natural causes

GMT 21:57 2016 Wednesday ,23 November

Trump taps South Carolina Nikki Haley for UN ambassador

GMT 15:50 2017 Thursday ,21 September

Russia agrees to accept court ruling

GMT 00:20 2016 Sunday ,11 December

Bahrain deplores suicide blast in Egypt

GMT 00:53 2016 Sunday ,13 November

Trial of 494 MB members over Ramsis clashes adjourned
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday