ON ROAD TO RECOVERY - Greek Economy To Grow 0.6% in 2014 & 2.9% in 2015

The European Commission published its revised predictions regarding the rate of growth and unemployment in the EU and Eurozone in 2014 and 2015, as well individual member states. According to the data, Greece is expected to have a 0.6% growth rate in 2014, which is going to increase to 2.9% in 2015; at the same time, the rampant unemployment is expected to  drop to 26% in 2014 and 24% in 2015. Likewise, the fiscal deficit should drop to 1.6% in 2014 and 1% in 2015.

Regarding Greece’s public debt, the European Commission predicts that it is going to reach 177.2% GDP in 2014 and is set to slightly drop to 172.4% in 2015. The -0.9% deflation trend from 2013 is going to carry on into 2014, while a +0.3% rate is expected in 2015. Investments are also set to increase by 12% in 2014 and 6.5% in 2015.

Overall, the Eurozone growth rate is expected to be 1.2% in 2014 and 1.7% in 2015, while for the European Union the growth rate is set to be 1.6% in 2014 and 2% in 2015.