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Official Data Shows Greece Still in Recession in 2016


Greece’s economy performed worse than the country’s official creditors were expecting as it decreased by 0.2 percent last year, according to official data from the Greek statistics service (ELSTAT).
ELSTAT released its second estimate of the full-year 2016 gross domestic product on Tuesday, which showed that the economy performed worse, driven by lower than previously estimated household consumption.
The European Commission; in its winter forecast published in February, projected GDP growth of 0.3 percent in 2016 while the International Monetary Fund’s upwardly revised estimate saw GDP growth of 0.4 percent.
ELSTAT said gross domestic product in volume terms and measured at constant prices was 175.9 billion euros last year, down from 178.1 billion euros in 2015. Final consumption dropped by an annual 0.3 percent, versus a 0.6 percent rise estimated by the agency in March.
The government; which faces a third review to its international bailout this autumn, has cut this year’s economic growth projection to 1.8 percent from 2.7 percent in May.

Changes in Greek GDP

The Athens-based think tank Foundation for Economic and Industrial Research (IOBE) announced on Tuesday that it estimated Greece’s growth rate would stand slightly below 1.5% of GDP in 2017.
For the next year, IOBE experts to see a growth rate of at least 2%, underlining that as the third bailout programme expires in mid-2018 progress, uncertainty will recede and Greek economy will improve.

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