Greek Economy to Contract by 0.7 pct in 2016
Monday, 23 November 2015
Greek Finance Minister Euclid Tsakalotos on Friday tabled, in Parliament, the final draft of the 2016 state budget aimed to combine fiscal responsibility with social justice and the redistribution of tax burdens, as the government stated.
In the period from the tabling of the pre-draft budget until the tabling of the final draft, there was a significant positive development: an upwards revision of economic growth in 2015 and 2016, he said. This revision showed that the Greek economy was not in a recession in 2015, since the country's Gross Domestic Product remained unchanged. In comparison with a provision included in the pre-draft for a contraction of 2.3 pct, the final estimate is an impressive improvement.