Greek statistics service (ELSTAT) announced on Tuesday that Greece's Gross Domestic Product (GDP) contracted by 0.2 percent year on year in 2016, Greek national news agency AMNA reported.
ELSTAT's revised estimate is lower than the projections made earlier this year by Greece's creditors who forecast marginal growth of 0.3-0.4 percent for 2016. And it's also lower than ELSTAT's first estimate of zero growth made in March 2017.
However, the Greek government remains upbeat on the course of the debt-laden economy and the exit from seven years of recession. In the 2018 draft budget submitted to the Greek parliament two weeks ago, it projects 1.8 percent growth for this year and 2.4 percent GDP growth for 2018.
The Athens-based think tank Foundation for Economic and Industrial Research (IOBE) announced on Tuesday that it estimated Greece's growth rate would stand slightly below 1.5 percent of GDP in 2017, according to AMNA.
And for the next year, IOBE experts see a growth rate of at least 2 percent, underlining that as the bailout program expires in mid-2018 progress, uncertainty will recede and Greek economy will improve.
ELSTAT's revised estimate is lower than the projections made earlier this year by Greece's creditors who forecast marginal growth of 0.3-0.4 percent for 2016. And it's also lower than ELSTAT's first estimate of zero growth made in March 2017.
However, the Greek government remains upbeat on the course of the debt-laden economy and the exit from seven years of recession. In the 2018 draft budget submitted to the Greek parliament two weeks ago, it projects 1.8 percent growth for this year and 2.4 percent GDP growth for 2018.
The Athens-based think tank Foundation for Economic and Industrial Research (IOBE) announced on Tuesday that it estimated Greece's growth rate would stand slightly below 1.5 percent of GDP in 2017, according to AMNA.
And for the next year, IOBE experts see a growth rate of at least 2 percent, underlining that as the bailout program expires in mid-2018 progress, uncertainty will recede and Greek economy will improve.
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