According to the European Commission’s “interim” economic forecasts released on Thursday, growth in Greece will continue at a high rate in the coming years, but the recovery in the economy will remain largely dependent on the ongoing implementation of reforms. In particular, GDP growth in Greece is expected to be above 2% in the coming years (2.2% in 2019 and 2.3% in 2020).
According to the European Commission, exports are a growth lever for Greek economy, while the growth of private consumption, supported by the increase in employment, was a major driver of the overall demand. The Commission also stresses that consumer confidence has almost returned to pre-crisis levels.
For the labor market, the Commission underlines that it is steadily improving as unemployment dropped to 18.6% in October 2018, from 21% in the previous year.