Commission forecasts for Greek GDP growth slightly down from Feb. projections

Wednesday, 08 May 2019 22:16
UPD:09/05/2019 23:19
REUTERS/YVES HERMAN

European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. REUTERS/Yves Herman

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The Commission's spring forecast for the course of the Greek economy are moving slightly lower than the immediately previous forecast, primarily affected by a slowdown in the overall European economy.

Nevertheless, Greece's economic recovery continues to move at rates higher than the rest of the EU and Eurozone.

Specifically, the Commission said Greek GDP increased by 1.9 percent in 2018, and is forecast to grow by 2.2 percent this year. In February, the same forecast put 2018 growth at 2 percent; 2.2 percent for 2019 and 2.3 percent for 2020.

Just as importantly, the Commission offers a "glimmer of hope" related to the Tsipras government's very strong desire to avoid implementing a pre-legislated reduction in the annual tax-free income threshold - which is set to come on line on Jan. 1, 2020.

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