The Foundation for Economic & Industrial Research (IOVE) published in quarterly report on Thursday and estimated that the rate of recession for 2015 amounted to 0.5%, which was significantly lower than initial estimations.
According to IOVE’s report, the initial estimations of 1.5%-to-2% rate of recession in 2015 were revised due to the higher revenue from tourism, the reduced cost of energy and the overall retreat of the euro.
IOVE however warned that the contraction of the domestic economy will continue, unless there is a significant increase of the investments being made in Greece.
