Greek economy showing solid signs of growth

A report released on Wednesday by the Foundation for Economic and Industrial Research (IOBE) showed that the Greek economy had grown by 2.3% in the first quarter of 2018, after a 2.0% growth rate in the fourth quarter of 2017.

According to the same report it is estimated that economic growth with reach 2.0% in 2018 with export growing at 7.0% with an increase in investments by 13%.

Meanwhile household consumption is projected to rise by 0.7% despite a decline in unemployment because of more fiscal measures in 2018 whilst public consumption is expected to rise by 1.5%

The unemployment rate is projected to fall to 19.8% in 2018 and the inflation rate to reach 0.5% in 2018.

“The quarterly report coincides with a very important period for the country. The completion of the third memorandum. The damage to the economy and the country is very great. Efforts for drastic reforms to improve economic activity and attract foreign investments, designed to preserve the living standards of the previous decade failed to meet the necessary social support. Thus, our living standards, which approached that of Scandinavian countries before the crisis, currently approach that of the other Balkan countries,” Takis Athanasopoulos, president of IOBE said.

He noted, however, that “all is not lost. In the last few years several reforms have been carried out, many things have changed and it is in our hands for the country to move forward faster. There is time for regrouping and regaining lost living standards”.