Commission revises upwards Greek Gross Domestic Product in 2016

Greek economy grew 0.3 pct in 2016 and it is expected to grow by 2.7 pct this year and by 3.1 pct in 2018, the European Commission said in its winter forecasts.

The EU’s executive, in a report released on Monday, said that the Greek economy’s picture was improved compared with the Commission’s autumn estimates which saw a 0.3 pct contraction of the Greek GDP in 2016.

The country’s fiscal deficit is expected to fall to -1.1 pct of GDP in 2016, from a -2.5 pct autumn estimate, to remain stable in 2017 and to turn into a 0.7 pct surplus in 2018.

The Greek public debt is expected to reach 179.7 pct of GDP in 2016 (down from a previous estimate of 181.6 pct in autumn), falling to 177.2 pct in 2017 and to 170.6 pct in 2018. The unemployment rate is projected to fall from 23.4 pct of the workforce in 2016 to 22 pct in 2017 and to 20.3 pct in 2018.

The inflation rate is expected to be zero in 2016, rising to 1.3 pct in 2017 and to 1.0 pct in 2018. Finally, investments are projected to rise significantly by 12 pct in 2017 and by 14.2 pct in 2018, from 4.0 pct in 2016.