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Draft budget sees EU funds fuelling recovery of 7.5 pct in 2021, after 8.2 contraction this year
EconomyMacroeconomyThe Finance Ministry tabled in Parliament on Monday the draft budget for 2021 in which the Greek authorities see a substantial recovery next year that will offset most of the losses suffered in 2020 due to the pandemic.
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IMF sees GDP shrinking by 9.5 pct in 2020, warns about pace of fiscal consolidation
EconomyProgrammeThe International Monetary Fund (IMF) concluded on Friday its second post-programme monitoring mission, which took place remotely, by publishing the staff concluding statement.
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BoG sees 7.5 pct recession, EU funds boosting GDP by 1.9 pct annually
EconomySpeaking at an online event organised by a local think-tank, Bank of Greece governor Yannis Stournaras presented the central bank’s updated estimates regarding the impact of the pandemic on the economy.
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GDP falls by 14 pct QoQ in Q2 and by 15.2 pct YoY to reach historic low
EconomyMacroeconomyGreece’s seasonally adjusted (SA) GDP fell by 14 percent quarter-on-quarter (QoQ) in the second quarter (Q2) of 2020 after a revised decrease of 0.7 percent in Q1 2020, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Thursday.
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Fitch keeps rating at 'BB', sees GDP contraction of 7.9 pct in 2020
EconomyFitch re-affirmed Greece’s credit rating to ‘BB’ on Friday night, maintaining the stable outlook.
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EC trims 2020 recession forecast to 9 pct, but 2021 recovery also slashed
EconomyMacroeconomyThe European Commission slightly revised its forecasts for Greece in the interim Summer forecast released on Tuesday, compared to the Spring forecasts that were released at the beginning of May.
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BoG highlights how Covid-19 compounds legacy issues and structural challenges
EconomyThe Bank of Greece (BoG) published its Monetary Policy Report for 2020 on Monday, outlining the numerous challenges that the pandemic will pose on the Greek economy, public finances and the banking system.
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GDP falls by 1.6 pct QoQ in Q1 and by 0.9 pct YoY
EconomyMacroeconomyGreece’s seasonally adjusted (SA) GDP fell by 1.6 percent quarter-on-quarter (QoQ) in the first quarter (Q1) of 2020 after a decrease of 0.7 percent in Q4 2019, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Thursday.
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EC expects Greek GDP to drop by 9.7 pct for biggest fall in EU, before strong rebound in 2021
EconomyThe European Commission released today its Spring Economic Forecasts, the first official set of numbers since the pandemic outbreak, which point to the EU economies experiencing “a recession of historic proportions this year.”
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Athens expects emergency economic measures to contain 2020 contraction to 4.7 in baseline
EconomyThe Greek Finance Ministry published on Sunday night the Stability Programme for 2020 that it submitted to the European Commission, providing the first official assessment of the economic impact the government expects to see from Covid 19 this year, as well as the notable recovery expected next year.