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Tag Archives: recession

Greek GDP contracted by 8.2% in 2020, said ELSTAT

Greek Statistics Authority ELSTAT announced on the economic data for 2020. The country’s GDP contracted by 8.2% to 168.5 billion euros from 183.6 billion in 2019, the report said. ELSTAT said that Greek GDP shrank by 7.9% in the fourth quarter of 2020 compared with the same period in 2019, …

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Greece’s state budget 2021 sees recession of 10.5% for 2020

The Greek economy is expected to contract by 10.5% in 2020 and to grow by 4.8% in 2021, according to provisions included in the new state budget tabled in Parliament by Finance Minister Christos Staikouras on Friday. The 2021 budget envisages that the primary deficit will reach 7.2 pct of …

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IMF on Greece: Weak recovery in 2021, unemployment 20%, primary surpluses from 2022

Greece will return to primary surpluses from 2022 after reporting higher primary deficits and public debts in 2020, the International Monetary Fund said its Fiscal Monitor report released on Wednesday. The IMF based its 2020 forecasts on the belief that political interventions to manage the pandemic have led to a …

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Greece’s draft budget: Economy to grow by 7.5% in 2021, shrink by 8.2% in 2020

Greece’s economy will contract by an estimated 8.2% this year due to the effects of the coronavirus pandemic before picking up next year, the government said Monday as it submitted its 2021 draft budget to parliament. The 2021 budget was “drawn up in an environment of unprecedented uncertainty, due to …

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Pandemic recession strike Greece with -15.2% in Q2 2020

Greece’s Statistics Authority ELSTAT announced on Thursday the impact of the coronavirus pandemic in the economy in the second quarter of 2020. The Gross Domestic Product decreased by 15.2% the ELSTAT said in a statement. The government claims it had predicted this drop. According to the ELSTAT announcement, the available …

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EU Commission projects recession in Greece at 9% in 2020

The Greek economy is projected to contract by 9% this year and to grow by 6% in 2021, the European Commission said in its Summer Economic Forecast report released on Tuesday. The EU executive said that Greece’s GDP declined by 1.6 pct in a quarterly basis in the first quarter …

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Greek FinMin says recession at 16% in Q2, expects total at 8% in 2020

Greece’s Finance Minister Christos Staikouras has admitted that the economy will contract by 16% in the second quarter of 2020 but claimed that it will close to 8% in 2020. Speaking to Thema FM, Staikouras said that the economy will contract by 16% in the second quarter. “However, based on …

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OECD: Recession in Greece lower than the Eurozone average

The Greek economy will contract at a smaller rate in 2020 compared with the Eurozone average, the Organisation for Economic Cooperation and Development (OECD) said in its semi-annual report on the global economic outlook. This forecast comes in opposition to forecasts made by the European Commission and the International Monetary …

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Up to 13% recession in Greece due to lockdown, says FinMin Staikouras

Greece’s economy may shrink by 10-13 percent this year following the lockdown to stem the spread of the coronavirus, Finance Minister Christos Staikouras said on Wednesday. The government will take steps to mitigate the impact of the recession and support businesses aiming for a gradual f recovery to pre-crisis levels …

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Projections of 10% recession are “exaggerated” says Bank of Greece

“Estimates of a 10% economic recession this year were exaggerated” governor of the Bank of Greece Yannis Stournaras said on Tuesday. he added that he expected the country’s GDP to shrink by 8.% under the worst-case scenario. Speaking during a new cycle of online meetings organized by the Delphi Economic …

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“Recession 5%-10% due to tourism losses,” says Greek FinMin Staikouras

Τhe pandemic crisis costs the Greek GDP 2.5 points every month, Finance Minister Christos Staikouras said estimating that recession may be even at 10 percent. Speaking to Thema FM on Sunday, Staikouras stressed that the large stake of tourism in the Greek economy makes it more vulnerable to the crisis. …

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“Dinner For Few” Provocative allegory on Greed by Nassos Vakalis (video)

“Dinner For Few” is a ten minute CG-animated film by EMMY award winning animation artist Nassos Vakalis. The short film depicts a sociopolitical allegory of our society in general and the Greek economic crisis as well as the economic crisis in the countries of the European South in particular. During …

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BoG Monetary Policy Report: High Taxation has recessional effects

In its Monetary Policy Report 2015-2016, the Bank of Greece urges for overhauling of the bailout agreement with 20-year extension of the loans, lower the Primary surplus target to 2%.  The report describes the high taxation as “recessionary” and calls for a shift of policy focus towards reforms and privatizations, …

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Creditors’ 3. bailout ‘success’: Greece slides back to recession

It’s fact. The third bailout signed between the SYRIZA-ANEL government and creditors did and could not help Greece’s economic situation at all. It was just an enforced new loan with more additional austerity measures like the odious Value Added Tax hike that tightened the noose around the neck of million …

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Greece’s recession increases in Q3 2015

On Friday, Greece’s state statistics agency, ELSTAT, drastically revised downwards the economy’s third-quarter contraction to 0.9 percent, from 0.5 percent previously. “These differences are on account of using new data, not available at the time of the flash estimate,” the Elstat agency said, citing a mixture of September balance of …

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