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European Economic Forecast-Spring 2015

The European Commission issued its latest ‘spring’ economic forecasts. Regarding Greece, the forecasts  predict growth 0,5% of GDP for 2015 και 2,9% for 2016.

European Commission, (2015), European Economic Forecast-Spring 2015, European Economy 2|2015, DG for Economic & Financial Affairs,  May 2015.

In 2014, private consumption and net exports drove economic activity, prompting a long-awaited return to growth, which measured 0.8% in terms of real GDP. Backed by falling prices and the adjustment of the labour market, private consumption increased for the first time after five years of continuous contraction. Exports of services improved strongly thanks to the tourism and shipping sectors, goods exports also improved, although stronger domestic demand meant that imports also rose. Investment increased for the first time since 2008, mainly due to the increase in equipment investment.

European Economic Forecast-Spring 2015