Greek statistics authority ELSTAT announced today that the rate of recession during the first quarter of 2014 was 1.1% GDP, which is a significant improvement from the 6% rate last year.
ELSTAT explained that “available non-seasonally-adjusted data indicates that, in the 1st quarter of 2014, the Gross Domestic Product (GDP) in volume terms, decreased by 1.1% in comparison with the 1st quarter of 2013”.
This has confirmed the Ministry of Finances’ belief that the 1% rate of recession suggests that the recession has come to an end. Additionally, the Ministry of Finances expects a 0.6% growth rate for the rest of the year.
The Finance Ministry has based its optimism on its tourism expectations, which also suggest that there will be a significant increase of tourist traffic in the second and third quarters of the year.
