Friday May 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek economy to grow 0.7 percent this year, IOBE says [Update]

Greece's economy should grow 0.7 percent this year, pulling clear of a six-year recession, but its soaring unemployment rate is likely to drop less than hoped, the country's leading economic think tank said on Wednesday.

The IOBE research institute had earlier predicted a small expansion for the year, without setting a forecast. Its GDP growth projection is broadly in line with the European Union and International Monetary Fund estimate of 0.6 percent.

The recession has driven unemployment to record highs and the highest in Europe, leaving nearly three times as many Greeks jobless as in 2008 when the downturn began.

IOBE, which had previously expected joblessness to drop to 26 percent this year, said it now saw the rate easing to an average of 26.7 percent, citing a wave of public sector layoffs demanded by the country's creditors.

Unemployment was 27.8 percent in the first quarter.

Household consumption is expected to grow by 1 percent this year as hiring picks up during Greece's summer tourism season, IOBE said. Greece expects to beat its target of 13 billion euros in revenues from tourism in 2014.

The EU and the IMF, which have bailed Greece out twice with 240 billion euros in rescue aid, see private consumption dropping by 1.8 percent this year.

IOBE also said it expected the results of European Central Bank stress tests later this year to show that the capital needs of the country's top four lenders were small or close to zero.

Greece's four biggest banks - Eurobank, Alpha Bank, Piraeus Bank and National Bank - control about 90 percent of the sector. They have already been through two rounds of recapitalisation after two stress tests by the country's central bank. [Reuters]

ekathimerini.com , Wednesday Jul 23, 2014 (14:17)  
Hoteliers seek VAT solutions
Chaos in the system for tax declarations
Lenders’ first-quarter data suffer from NPL expansion
Regional airport concession deal ‘to be sealed soon’
PM speaks to Merkel, Hollande as lenders increase pressure
With negotiations between Greece and its creditors at a critical phase, Prime Minister Alexis Tsipras on Thursday sought the assistance of German Chancellor Angela Merkel and French Presiden...
To Potami and PASOK poised to support deal
To Potami leader Stavros Theodorakis said Thursday that his party would back any agreement between the government and the institutions, while PASOK chief Evangelos Venizelos suggested that P...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
FIFA and fair play
Greeks must be among the less excited observers of the ferocious crackdown on the highest echelons of global soccer’s administrative body, FIFA: from the lowest leagues to our top teams, fro...
COMMENTARY
Greece´s Cuban pathway to a parallel currency
The idea of a parallel currency for Greece is worthy of consideration, with even German Finance Minister Wolfgang Schaeuble broaching the possibility as Greece fails to reach an agreement wi...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hoteliers seek VAT solutions
2. Chaos in the system for tax declarations
3. Lenders’ first-quarter data suffer from NPL expansion
4. Regional airport concession deal ‘to be sealed soon’
5. PM speaks to Merkel, Hollande as lenders increase pressure
6. To Potami and PASOK poised to support deal
more news
Today
This Week
1. Endless confusion and worry
2. G-7 weighs in on Greece as Tsipras government told to be serious
3. ECB's Nowotny says no to loosening funding for Greece now
4. Lagarde says still much work to do in Greek debt talks
5. Greek bank losses show predicament amid record outflows
6. Following up on a positive step
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Neither Grexit nor a dual currency will solve Greece’s problems
3. Some 300 mln left banks on Tuesday
4. No more 'quick and dirty' fixes for Greece
5. Romantic notions meet reality
6. Tsipras faces down radicals within SYRIZA over terms of deal
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.