Quarterly Macro Note - Greek Economy, March 2020
Currently, the projections of many supranational institutions regarding growth in 2020 may be inflated, as they have not yet been updated to account for the global Coronavirus pandemic that could negatively affect the tourism industry, the largest sector of the Greek economy, and subsequently GDP growth, and the drop in global oil prices that could decrease the value of imports as oil products represented 19% of total imports in 2019.
GDP growth in 2019 stood at 1.9%, the same rate as in 2018, outperforming the 2019 EU28 average of 1.5%. Overall, the economic outlook improved, although it is highly dependent to the government’s commitment to additional reforms aiming to enhance productivity, revitalize the financial sector and stabilize public finances.
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