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EU Revises Down Greek Growth Forecasts


Greece has seen a fall in its growth forecast for 2018 from 2.5 percent to 1.9.
The new data came in a European Commission spring assessment on Thursday which revises down February’s more-optimistic forecast of 2.5 for the year ahead.
In the publication, the commission wrote: “Greece’s economy grew by 1.4 percent last year, marking the first time that real GDP growth has exceeded one percent since 2007.
“The economic recovery is expected to accelerate assuming a successful completion of the stability support programme.”
Greece is scheduled to exit its bailout in August this year, although it faces strict scrutiny from international lenders for years to come.
The European Commission is now projecting 2.3-percent growth for 2019, a 0.2-percent fall on its previous forecast.
Lower-than-expected growth in the last quarter of 2017 is being blamed for the pessimistic figures.
However, the commission revised its unemployment forecast to 20.1 percent, down from an initial prediction of 21.5 percent last year. It also said it expected unemployment to fall further in 2019, to 18.4 percent.
Overall, it views the August bailout exit as being a turning point for the Greek economy to start hitting more positive notes.
“Having reached a fiscal surplus in 2017, for a second year in a row, Greece is on track to achieving the 3.5 percent of GDP primary surplus target in both 2018 and 2019,” the report added.

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