The Greek economy grew by 2.3 pct in the first quarter of 2018, after a 2.0 pct growth rate in the fourth quarter of 2017, the Foundation for Economic and Industrial Research (IOBE) said in a report released on Wednesday.
IOBE said that economic growth in the first three months of the year was based on an improvement in the country’s external balance as exports grew 7.6 pct and imports fell 2.8 pct. Investments dropped 12.1 pct, household consumption eased 0.4 pct and public consumption rose 0.3 pct in the January-March period.
“ The quarterly report coincides with a very important period for the country. The completion of the third memorandum. The damage to the economy and the country is very great. Efforts for drastic reforms to improve economic activity and attract foreign investments, designed to preserve the living standards of the previous decade failed to meet the necessary social support. Thus, our living standards, which approached that of Scandinavian countries before the crisis, currently approach that of the other Balkan countries,” Takis Athanasopoulos, president of IOBE said.