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Greece

Greece Forecasts 10.5% Recession this Year, 4.8% Growth in 2021

The Greek economy is expected to contract by 10.5 percent this year and to grow by 4.8 percent in 2021, according to provisions included in the new state budget, which was brought before Parliament by Finance Minister Christos Staikouras...

Worst-Case Scenario for Greece is Eight Percent Recession, Says BoG Chief

Estimates of a ten percent economic contraction this year were excessive, Bank of Greece (BoG) governor Yannis Stournaras said on Tuesday, while noting that he still expected the country’s GDP to shrink by 8.0 percent under the worst-case scenario. Speaking...

IMF Warns Greece Could Face The Worst Coronavirus Recession in Eurozone

The International Monetary Fund (IMF) recently presented its World Economic Outlook, in which it predicts that Greece could experience one of the worst recessions in the world due to the coronavirus pandemic. The IMF said that Athens will see a...

Greece into Deep Recession after Pandemic, Credit Rating Houses say

International credit rating houses predict that Greece will go into deep recession in 2020, with the covid-19 pandemic causing a blow in the economy and a significant increase in the national debt. Tourism, Greece's main source of revenue, is already...

Greece Expects 4% Recession, as European Economy Enters Uncharted Territory

Christos Staikouras, the Greek Finance Minister, expressed on Sunday his belief that the Greek economy will shrink by four percent in 2020 due to the reduction of economic activity the coronavirus pandemic has brought upon the country. Speaking with Greece's...

Majority of Greeks Believe Nation is Still in Recession

According to a survey conducted by Nielsen in the third quarter of 2018, 72 percent of Greeks still believe that the country's economy is in recession, despite the official figures showing that the economy has been continuously growing since...

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...

Eurozone Growth at 1.7% in First Quarter; Greece Is the Only Country in Recession

The eurozone economy grew at a rate of 1.7% in the first quarter, while Greece is the only country that experienced a recession. According to Eurostat's first estimate, GDP growth in the Eurozone for the first quarter of the year...

Eurostat: Greece Is the Only EU Country in Economic Recession

Greece was the only country in the European Union in economic recession over the fourth quarter of 2016. The performance of the Greek economy over the past three months of 2016 are reflected in Eurostat's chart with the data of...

European Commission: Recession in 2016, Growth in 2017 in Greece

The European Commission predicts that the end of 2016 will find Greece with a 0.3% recession, but 2017 will follow with a 2.7% growth, according to the autumn estimates. The EC report says that Greek economy stagnated in the first...

Tax Avalanche Will Bring Recession in Greece in 2017

The new taxes that will pile up on Greek households will bring a new recession, despite the government's optimistic forecast of 2.7% growth, says the Parliamentary Budget Office (GPV). The GPV economists' report warns the government that its forecasts for...

ELSTAT: Greek Statistics Show Deepening Recession in First Half of 2016

The Hellenic Statistical Authority (ELSTAT) announced the GDP for the 2nd quarter for 2016. Seasonally adjusted data showed that GDP in the second quarter increased by 0.2 percent compared to the first quarter against an increase of 0.3 percent...

Greece Still in Recession for 2nd Quarter of 2016

Greece remained in recession for the second quarter of 2016, showing a 0.7% drop in gross domestic product, according to the Hellenic Statistical Authority (ELSTAT). The Greek GDP declined 0.7% compared to the same period in 2015. A new assessment will...

IOBE Forecasts Greece GDP Recession at 1% for 2016

On Wednesday the Foundation for Economic and Industrial Research (IOBE) released a gloomy report, predicting that Greece will suffer a contraction of 1 percent of its gross domestic product in 2016, according to ekathimerini.com. The IOBE stressed that Greece must...

EU Gives Greece Additional €860 Mln Due to Recession

Greece is to receive 860 million euros from the European Union as an extra subsidy given to member states suffering from recession. European Commissioner for Regional Policy Corina Cretu is expected to confirm the allocation of the funds today (Thursday),...