High energy prices fuel uncertainty on fiscal front
Output and new orders drop to lowest since Mar 2021, forcing PMI down by 2.7 pts
Deposit rise of 1.3 bln in May led by corporates as household savings drop
Economic sentiment drops by 3.7 pts in June as all components deteriorate
Jan-May primary budget deficit contained at 1.49 bln on back of property tax, VAT intakes
Seasonal jobs account for 7 in 10 hirings as balance nears 100,000 in May
OECD sees GDP growth of 1.1 pct in 2017, stresses structural reforms and debt relief
In its latest Economic Outlook report published on Wednesday, the Organisation for Economic Co-operation and Development (OECD) notes that the Greek economy is starting to recover and its fiscal target has been surpassed, but that the structural reform process has been uneven. Growth is expected to return but uncertainties remain.
The OECD estimates that GDP will rebound by 1.1 percent in 2017, lower than its previous forecast of 1.3 percent released in late November. However, a stronger growth of 2.5 percent in projected for 2018, above its previous estimate of 1.9 percent.
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