EU sources: Greek economy to contract 2.3 per cent this year
(MENAFN- Saudi Press Agency) The Greek economy is expected to contract by 2.3 per cent in 2015, according to EU sources, in a downward revision that indicates the impact of bank closures and capital controls on the
near-bankrupt country, dpa reported.
In May, the European Commission had forecast that Greece's gross
domestic product (GDP) would increase by 0.5 per cent this year.
Since then, Athens had to take steps to prevent mass outflows of
money, after failing to agree a bailout extension with its creditors.
'Obviously, the situation has deteriorated significantly through the
imposition of capital controls,' an EU source said.
The Greek economy is expected to contract by 1.3 per cent in 2016 and
return to a growth of 2.7 per cent in 2017, the source said.
near-bankrupt country, dpa reported.
In May, the European Commission had forecast that Greece's gross
domestic product (GDP) would increase by 0.5 per cent this year.
Since then, Athens had to take steps to prevent mass outflows of
money, after failing to agree a bailout extension with its creditors.
'Obviously, the situation has deteriorated significantly through the
imposition of capital controls,' an EU source said.
The Greek economy is expected to contract by 1.3 per cent in 2016 and
return to a growth of 2.7 per cent in 2017, the source said.
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