Hellenic Fiscal Council: Economy grows at fastest pace in ten years

Greece’s economic growth rate in the first quarter of the year expanded at the fastest pace since 2008, said the Hellenic Fiscal Council in a quarterly report on Wednesday.

The report pointed out a number of positive factors in the Greek economy, including rising employment, the achievement of primary budget surplus targets for the first four months of the year and a drop in money owed by the state to the private sector.

The report added that gross domestic product grew by an estimated rate of 2.3 percent in the first quarter of the year, versus the same period a year earlier. This figure boosts expectations for a growth rate of around 2 percent for the whole of 2018.

Improvements in the labour market is continuing, added the report. More particularly, the unemployment rate in March came in at 20.1 percent, dropping half a percentage point from the previous month.