Commission: Progress in Greece rated to 1,9% in 2018 and 2,3% in 2019

Thursday, July 12, 2018
Commission: Progress in Greece rated to 1,9% in 2018 and 2,3% in 2019
The progress of greek economy will continue during the next years, as long as the commitment for reformation are kept, points out the evaluation of the European Committee about Greece, including middle financial predictions about 2018-2019 that were published today.

The financial predictions are unchangeable compared to May , expecting progress up to 1,9% in 2018 and 2,3% in 2019.

More specifically, Commission says that greek economy started firmly during the first three months of 2018 and continued "after successfully completing the ESM program, the financial progress is about to be continued during the next years, as long as commitments for reformation are kept".

Αccording to the first numbers, GDP raised up to 0,8% during the first trimester of 2018, which means that on a year basis this would be up to 2,3%. This, according to the Commission, would mean that recession of progress by 0,2% during the first trimester of 2017 was occasional and Greece does, in fact, recover.

During the first trimester of 2018, progress was helped by exports that developed GDP by 1,4%. Private consumption was developed for the first time since 2016, but this development was cancelled by the reduction of public consumption, thus general consumption was nearly the same (0,1%). However, it is pointed that there was a great reduction of investment.

Real GDP is supposed to reach 1,9% in 2018 and grow further up to 2,3% in 2019. Investments are expected to be the basic key to progress, thanks to improvement of entrepreneurship and the growth of external investments.