EC expects milder recession of 0.3 pct in 2016, sees debt to GDP at 178.8 pct in 2017

Economy Tags: Debt, EC, Unemployment
Photo by Stuart Chalmers via Flickr
Photo by Stuart Chalmers via Flickr

In its spring economic forecasts released on Tuesday, the European Commission (EC) lowered its estimates for Greek GDP contraction to 0.3 percent in 2016 from 0.7 percent expected in early February. EC noted that the slower than initially anticipated recession this year is largely due to the more moderate adverse trends in the second half of 2015.

In specific, domestic demand is seen remaining in negative territory in 2016, while the drop in consumption is expected to be partly offset by a positive net exports on the back of another year of strong tourism performance and positive contributions fr...

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