Alpha forecasts Greek growth at 1.1 pct this year

Alpha Bank’s estimate for this year is for a 1.1 percent expansion of gross domestic product, against a 0.6 percent official forecast in the state budget.

In a report issued on Thursday, Alpha analysts said the last quarter of 2013 showed a remarkable slowdown in the economic contraction rate, but criticized ELSTAT for revising the GDP data earlier this week, showing the contraction at 3.85 percent, against an original figure for 3.7 percent.

The Alpha report further forecast deflation of 1.1 percent on average as prices will be expected to start rebounding from November 2014 at a rate of 0.2 percent, to post full-year inflation of 0.4 percent in 2015.