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Greek economy to return to growth rates in 2014

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The Greek economy is expected to shrink by 4.0 pct this year, from 6.4 pct in 2012 and to return to positive growth rate in 2014 (0.6 pct) rising to 2.9 pct in 2015, the European Commission said in its autumn forecasts report released in Brussels on Tuesday.
The EU's executive arm, in its spring forecasts had predicted a 4.2 pct economic recession in Greece and a 0.6 pct recovery next year.


The Commission said Greek unemployment was expected to rise to 27 pct this year (unchanged from May's forecasts) from 17.7 pct in 2011 and 24.3 pct in 2012, falling to 26 pct in 2014 and to 24 pct in 2015.


The country's fiscal deficit is projected to rise to 13.5 pct in 2013 (reflecting a bank recapitalization cost) falling to 2.0 pct in 2014 and 1.1 pct in 2015, while the Greek public debt is expected to rise to 176.2 pct of GDP this year, from 156.9 pct in 2012, falling to 175.9 pct in 2014 and 170.9 pct in 2015. Greece is expected to remain in a deflation trend this year (-0.3 pct) and 2014 (-0.4 pct) and to return to positive inflation rates in 2015 (0.3 pct).

Last Updated Wednesday, 06 November 2013
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