Greek Real GDP To Grow 0.5 pct This Year
Greece’s real Gross Domestic Product would grow by an annual average rate of 0.5 pct this year, the Centre of Planning and Economic Research (KEPE) informed.
According to KEPE, this estimate shows that 2014 will be a transition year for the Greek economy, which will return to growth rates and leave behind a long-term recession since 2008.
The significant progress reflected by the recovery includes balancing public finances, promoting significant structural reforms and boosting competitiveness, which in turn led to an improvement of the domestic economic climate and enhanced the country’s credibility as well as a stabilisation in the financial sector.
KEPE predicts that the Greek economy would begin growing from the second quarter of 2014, with a 0.1 pct growth rate in the second quarter, an 1.0 pct growth rate in the third and an 1.4 pct growth rate in the fourth quarter of the year.
KEPE said the country’s real GDP could grow further this year from a recovery in investments, although it said that risks were associated with developments in a crisis in Ukraine or domestic developments which could delay promotion of structural reforms.