The European Commission is expected to submit a new report containing its prediction for the progress of EU member (and perspective members) economies today, where it will revise its estimation of the Greek economy in 2013, 2014 and 2015.
According to the last Commission report on the European economies, which was published in November 2013, the rate of recession in Greece was meant to drop to 4% in 2013 (from 6.4% in 2012) and give way to a 0.6% growth rate in 2014 and 2.9% in 2015. With the rate of recession in 2013 being 3.7% instead, the prediction review was expected.
The Commission’s predictions for the fiscal deficit were 13.5% in 2013 (due to the bank refinancing), 2% in 2014 and 1.1% in 2015. With the deficit estimated to be 8.3%, these divs are going to change.
The Commission’s estimations on the debt will also be revised. Originally it had estimated that from 156.9% GDP in 2012, it would increase to 176.2% and then drop to 175.9% in 2014 and 170.9% in 2015. The latest predictions however estimate that the debt was 175.5%
