BoG to adjust 2017 growth estimate to 1.7 pct

BoG to adjust 2017 growth estimate to 1.7 pct

The Bank of Greece is preparing a slight upward revision of its forecasts for the Greek economy this year, sources say.

Growth in the second quarter this year is now estimated to have come to 0.8 percent on an annual basis, leading to the conclusion that the economy will expand by 1.7 percent in 2017, as opposed to the 1.6 percent BoG Governor Yannis Stournaras had forecast in his report.

Growth in the first quarter amounted to 0.4 percent, but the rate is expected to have risen since then thanks to completion of the second bailout review and positive tourism data.

In its report in June the central bank noted that the economy’s midterm prospects remained favorable, stressing the significance of the positive political and economic developments in the European Union. It also pointed out that the completion of the second review would improve the financial sentiment in Greece, while highlighting the need to accelerate structural reforms so as to retain the positive growth outlook.

Meanwhile the Hellenic Statistical Authority (ELSTAT) announced on Friday it is stopping the issue of so-called “flash estimates,” issued 45 days after the quarter they referred to.

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