Saturday April 25, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
KEPE: Greek economy returned to growth in Q2

 Citigroup revises its forecast from GDP drop to increase in 2014
The president of the respected Center of Planning and Economic Research (KEPE), Nikos Filippas.

The Greek economy has returned to growth in the second quarter of the year after more than 20 quarters of contraction, according to the respected Center of Planning and Economic Research (KEPE), used repeatedly by the Finance Ministry for drafting policy. Even Citigroup, which is usually more reserved in its forecasts, estimates that Greece is experiencing a comeback this year.

The report published by KEPE on Thursday said that the countrys gross domestic product expanded by 0.38 percent in the April-June period, compared with the same quarter last year, leading to total growth of 0.6 percent for the whole of 2014. This will make it the first year of growth since 2008.

Official figures on the course of the GDP in the second quarter will be issued by the Hellenic Statistical Authority on August 13. KEPE further projects that the economy is expanding by 1.16 percent in the current quarter and will grow by another 1.92 percent in the October-December period, compared with a year earlier.

KEPE said that its estimate that the economy has started expanding again since Q2 reflects the stabilization conditions that dominate Greeces economy. The conditions derive mainly from the gradual consolidation of fiscal discipline, the implementation of a series of key structural reforms, as well as the progressive normalization of the credit sectors operation.

Citigroup has changed its forecast on the course of Greek economy from a 0.6 percent contraction this year to 0.3 percent growth, to be followed by 1.3 percent growth next year.

It said in a report published on Thursday that tourism and exports laid the groundwork for growth in Q2, adding that it expects the jobless rate to drop to 26.9 percent and private consumption to grow in 2014 by 1.1 percent, against a 5.8 percent drop in 2013.

Eurobank, however, argues in its weekly report that the Greek economy lagged its potential in 2013 by 12.58 percent, while the potential GDP has contracted by 10 percent compared with 2007. The same report notes that the markets are maintaining a positive stance towards the progress of Greeces economy but deem that significant effort is still required.

ekathimerini.com , Thursday Jul 31, 2014 (22:23)  
Construction material costs slide anew
Navios taps German shipping opportunities
Govt eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Tsipras to see local officials as decree dispute heats up
Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the governments deci...
Kotzias talks Cyprus at UN
Foreign Minister Nikos Kotzias informed United Nations Secretary-General Ban-Ki moon on Friday about his positions regarding the removal of Greek and Turkish troops from Cyprus as part of th...
Inside News
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
BASKETBALL
Printezis sends Olympiakos to the Final Four
A buzzer-beating three-pointer by Giorgos Printezis saw Olympiakos through to the Final Four of the Euroleague, as the Reds defeated Barcelona 71-68 on Thursday to claim the best-of-five qua...
Inside Sports
COMMENTARY
Something is changing on Cyprus
The first round of elections for the leader of the Turkish Cypriots last Sunday did not result in a winner but it showed that many voters support change change on the political scene and e...
EDITORIAL
Harmful talk
Early elections would not serve any purpose for Greece right now, and neither do threats that the government will collapse. It has become abundantly clear that the only solution lies in the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Tsipras to see local officials as decree dispute heats up
2. Kotzias talks Cyprus at UN
3. Construction material costs slide anew
4. Navios taps German shipping opportunities
5. Govt eyes state company reserves
6. Thessaly stores likely to remain closed on first Sunday of spring sales
more news
Today
This Week
1. Greece offers concessions in talks with creditors
2. EU frustration mounts as Greeks try to sidestep aid process
3. FinMin sources say gov't 'not bluffing' in opposing austerity
4. Varoufakis said to be called gambler, time-waster in meeting
5. Merkel: must prevent Greece running out of cash before deal
6. Eurogroup chief says great urgency to reach deal on Greece
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.