ECONOMY

Bank of Greece cuts economy growth forecast for this year

bank-of-greece-cuts-economy-growth-forecast-for-this-year

The Greek economy is expected to grow by 1.9 pct this year despite a slowdown in the euro zone, the Bank of Greece said in a report on Monday.

That is below the government’s forecast of 2.5 percent this year.

“In 2019, despite the significant slowdown of euro zone growth, GDP expansion [in Greece] is expected at last year’s level of 1.9 percent,” the report said.

The report put Greek banks’ non-performing exposures at 81.8 bln euros, or 45.4 percent of total loans at end-December.

[Reuters]