Greece at Bottom of Eurozone Growth Rate



European Central Bank (file photo)

Greece’s growth was the lowest among eurozone countries for 2017, with a GDP rise of just 1.4 percent while the eurozone average was 2.3 percent, according to European Central Bank figures.

The ECB annual report released on Monday showed Ireland at the top of the growth chart among eurozone member states with a five-percent GDP increase. Overall, 2017 was a year of growth for the whole of the single-currency bloc.

According to the report, the main reason Greece fared so low in 2017 was that it showed only 0.1 percent growth in private consumption, compared to an average 1.6-percent increase in the rest of eurozone states.

At the same time, Greece showed a 1.1-percent decline in government spending, while the average in the euro area was a 1.2-percent increase.

In terms of per capita GDP at current prices and adjusted for the cost of living, Greeks have an average annual income of €19,900 ($24,527) compared to €54,600 for each Irish citizen

In Portugal, average income amounted to €23,100, compared to €18,100 before the economic crisis. In Cyprus, the average income was €24,600 compared to €29,900 before the crisis. The “before the economic crisis” figures refer to the 1999-2008 period.

On average in the euro area, per capita GDP stood at €31,700 according to the latest figures (2016), compared to €24,400 before the crisis.