Greek Economy Set to Grow by 2.7% Under Budget Plan



proypologismosThe Greek state budget for 2017 envisages an economic growth rate of 2.7 percent and a primary surplus of 1.80 percent, slightly higher than a target of 1.75 percent of an economic policy program.

The 2017 draft budget tabled to Parliament on Monday, also envisages 760 million euros channeled toward supporting weak households through the introduction of a Social Solidarity Income plan throughout the country and an additional 250 million euros in a Public Investment Program aimed to boost growth. The draft plan envisages that economic growth will begin in the second half of 2016 for an annual recession of 0.3 percent in the year, with economic growth rates accelerating to 2.7 percent in 2017. The unemployment rate is projected to ease to 22.4 percent of the workforce next year from 23.5 percent in 2016. The primary surplus is expected to reach 0.63 percent of GDP this year, surpassing an initial target of 0.5 percent and to rise to 1.80 percent of GDP in 2017.

Finance Minister Euclid Tsakalotos said the new budget signaled the return of the Greek economy to positive growth rates.
(Source: ANA-MPA)