ECONOMY

Very high rate of EU fund absorption

Greece achieved one of the highest rates of European Union subsidy absorption in 2014, according to the Development Ministry, as it managed to avoid losing out on any contributions from Brussels from any funding program.

The country invested 3.64 billion euros in EU funds last year to take its absorption rate from the 2007-13 funding period (that has been extended to two additional years) to 87.97 percent. In total the country has absorbed 19.48 billion euros from the 2007-13 funds. Therefore Greece has met both the target set for the previous funding period and that for 2014-20.

The ministry also announced the successful completion of the Public Investments Program for 2014, with the channeling of 6.6 billion euros into the economy and society, thereby helping the country switch from recession to growth in the year that has just ended.