Tag Archives: recession

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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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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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 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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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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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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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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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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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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Greece’s economy will contract by 4.7% in 2020 due to the pandemic crisis but it will return to positive growth with a rate of 5.1%, the Finance Ministry said in its reform program sent to the European Commission in the framework of the European Semester. Unemployment is expected to reach …

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“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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The International Monetary Fund forecasts a nightmarish deep recession for Greece in 2020, as a result of the coronavirus pandemic. The IMF expects the Greek economy to shrink by 10% of the GDP and unemployment to jump to 22.3% In its World Economic Outlook “The Great Lockdown: Worst Economic Downturn …

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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” 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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Greece’s debt-ridden economy stagnated in 2016, the national statistics agency ELSTAT said in a first estimate on Wednesday, two days after quarterly data pointed to a small contraction. “GDP in volume terms recorded 0.0% annual rate of change in 2016,” ELSTAt said, adding that the figure was derived from non-seasonally …

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Greece’s Prime Minister Alexis Tsipras was confident that the times of recession were over and that “Greece has returned back to growth” as he told his cabinet ministers. However, the reality was not kind and the Greek Statistics Authority ELSTAT released short after Tsipras speech some shocking data: that recession …

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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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European Economy Forecast – Spring 2016. things looks better for Greece with recession at 0.3% and not 0.7% as predicted by the country’s lenders. In general, the EU forecast for Greece expects “Growth to return in the second half of the year.” The Economy more resilient than expected in 2015. …

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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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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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