Council of Economic Experts release first official economic report on basic data for 2017

The first official economic report by the Finance Ministry’s Council of Economic Experts, whose chair is Alternate Finance Minister George Chouliarakis, was published on Thursday with information on basic indicators in the Greek economy for 2017, including the following:

– A high primary surplus of 3.7% of the GDP (or 5.93 billion euros) was achieved in 2017.

– The GDP rose by 1.9% in the fourth quarter of 2017 and the economy grew for a second consecutive quarter, resulting in a rise in GDP by 1.4% for all of 2017. All three credit rating agencies that raised Greece’s rate with a positive outlook (S&P and Fitch by one point and Moody’s by two) foresee a growth of 2% for the current year.

– Unemployment dropped to 20.8%.

– Private deposits rose last year by 5.73 billion euros, leading to lesser dependence of banks on ELA and to a relaxation of capital controls, according to schedule.

– The current account deficit dropped in 2017 to 1.45 billion euros, as travel receipts rose by 10.5% to 14.6 billion euros.

(Report in English is attached.)