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European Commission revised down its GDP growth forecast for Greece


European Commission released its new estimates on Greece, according to which real GDP is expected to grow by 2.1% in 2017 and 2.5% in 2018, revised down compared to previous estimates of 2.7% and 3.1%, respectively.


The revision reflects the poor Q4 ’16 performance and delays in the completion of the 2nd review of the ESM programme.

EU also projects that Greece should be able to achieve the primary surplus targets of the programme, namely 1.75% of GDP in 2017 and 3.5% of GDP in 2018, taking into account measures adopted in the context of the 1st review amounting to 3% of GDP through 2018 as well as measures agreed under the 2nd review.  Unemployment rate is expected to decline to 21.6% in 2018 from 23.6% in 2016.


Greece’s debt-to-GDP ratio is projected to remain broadly stable in 2017 at 178.8% compared to 179.0% in 2016 and decline to 174.6% in 2018 as a result of the fiscal surplus and GDP growth.

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