Reports: BoG Gov. Stournaras says 3% GDP growth in Q3 2019 possible, after all; fiscal targets achievable

Thursday, 05 September 2019 22:16
UPD:06/09/2019 23:32
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Greek central banker Yannis Stournaras appeared more optimistic over the the country's economic performance in 2019, reportedly telling the Belgian Business Club (BBC) on Thursday that GDP growth could, after all, reach 3 percent in the current quarter.

In citing a recovery of tax revenues over the summer, the Bank of Greece (BoG) governor also changed his previous prediction over the closely watched fiscal target of an annual 3.5 percent budget surplus (as a percentage of GDP).

Stournaras' brighter forecasts come almost two months to the day since the July 7 election resulted in a victory for center-right New Democracy (ND) party and a majority government formed by pro-reform and pro-business ND leader Kyriakos Mitsotakis.

A former finance minister before 2015, Stournaras had an acrimonious relationship with the previous Tsipras government.

Finally, he said it was positive that the new government reiterated its commitment to European creditors to meet previously agreed-to fiscal targets, adding that a continued decrease in the yield of sovereign bonds will make a reduction in primary budget surplus goals after 2022 an easier prospect.

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