Greek economic prospects strengthening, Federation of Hellenic Industries says

Greek economic prospects seem to be strengthening after the upward revision of GDP figures in the first quarter of 2017, which showed a 0.4 pct growth rate on an annual basis, from a decline of 0.5 pct initially estimated by Hellenic Statistical Authority, the Federation of Hellenic Industries and Enterprises (SEV) said on Monday.

In its monthly bulletin on economic developments, SEV said economic activity showed remarkable performance in the first quarter, with production, expotrs and retail sales rising.
“However, delay in completing a second review of the Greek adjustment program seemed to have negatively affected climate in the coming months, with exports and industrial production losing part of they dynamism in April and business expectations weakening in May despite a slightl improvement in consumer confidence,” SEV said, adding that OECD in its latest Global Economic Outlook report revised downwards its estimates on the Greek economy to 1.1 pct this year and 2.5 pct in 2018, underlining the need to speed up reforms and debt relief measures.

SEV said an expected rise in tourism and exports, combined with improving fiscal data, will boost economic activity in the coming months, adding that strengthening private investments and intensive implementation of privatizations and structural reforms were needed.