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Greece Forecasts 10.5% Recession this Year, 4.8% Growth in 2021

The Greek economy is expected to contract by 10.5 percent this year and to grow by 4.8 percent in 2021, according to provisions included in the new state budget, which was brought before Parliament by Finance Minister Christos Staikouras...

Greek Economy Contracts a Record 15.2% in Second Quarter of 2020

The Greek Statistical Authority (ELSTAT) announced on Thursday that the Greek economy  contracted by 15.2% in the second quarter of 2020, a record which even surpasses the recession during the peak of the economic crisis in the years 2011-12. ELSTAT...

Greece Facing Three Major Challenges in Summer 2020

Greece is facing three major challenges this summer, with PM Mitsotakis' government having to tackle Turkey's aggressive behavior in the Aegean, ensure that the post- coronavirus pandemic tourist season will be safe, and secure 32 billion euros from the European Union...

Greek Economy to Contract by Almost 10 Percent, EU Says

The Greek economy is set to contract by 9.7 percent in 2020 because of the Covid-19 pandemic, the European Commission forecast on Wednesday. Greece, along with Italy, Spain and Portugal will be among the hardest hit nations by the economic...

Worst-Case Scenario for Greece is Eight Percent Recession, Says BoG Chief

Estimates of a ten percent economic contraction this year were excessive, Bank of Greece (BoG) governor Yannis Stournaras said on Tuesday, while noting that he still expected the country’s GDP to shrink by 8.0 percent under the worst-case scenario. Speaking...

Greece into Deep Recession after Pandemic, Credit Rating Houses say

International credit rating houses predict that Greece will go into deep recession in 2020, with the covid-19 pandemic causing a blow in the economy and a significant increase in the national debt. Tourism, Greece's main source of revenue, is already...

Greece Expects 4% Recession, as European Economy Enters Uncharted Territory

Christos Staikouras, the Greek Finance Minister, expressed on Sunday his belief that the Greek economy will shrink by four percent in 2020 due to the reduction of economic activity the coronavirus pandemic has brought upon the country. Speaking with Greece's...

Greek Economy Expected to Contract by Up to Three Percent in 2020

Greek Finance Minister Christos Staikouras said on Thursday that the country's economy is expected to contract by between one and three percent in 2020 due to the coronavirus crisis. Speaking to Skai TV, he said he expected the impact to...

Majority of Greeks Believe Nation is Still in Recession

According to a survey conducted by Nielsen in the third quarter of 2018, 72 percent of Greeks still believe that the country's economy is in recession, despite the official figures showing that the economy has been continuously growing since...

Official Data Shows Greece Still in Recession in 2016

Greece's economy performed worse than the country's official creditors were expecting as it decreased by 0.2 percent last year, according to official data from the Greek statistics service (ELSTAT). ELSTAT released its second estimate of the full-year 2016 gross domestic...