European Commission revises its estimates on the Greek economy

The European Commission is expected to proceed to a review of its forecasts for the course of the Greek economy in 2013, 2014 and 2015, and will issue in the next few hours its regular report on European economic forecasts.           

In the previous report on the state of the European economy last November, the numbers specifically for Greece proved in practice less "optimistic" in relation to their real, final image. It is significant that the EU provided for the Greek economy, in its latest report on the 2013, a fall of 4% in the recession and a recovery rate of 0.6% in 2014 that will rise to 2.9% in 2015.

However, the recession in 2013 stood at 3.7%, therefore the European Commission is expected to adjust its forecasts accordingly.

For the budget deficit in November it estimated that it would have stood at 13.5% in 2013 (due to the recapitalization of banks) and reduced to 2% in 2014 and 1.1% in 2015. These figures will be revised downwards with the budget deficit now estimated at 8.3%.

For the state deb thet European Commission estimated that from 156.9% of GDP in 2012 it would rise to 176.2% in 2013 to fall to 175.9% in 2014 and 170.9% in 2015. However, the debt is now placed at 175.5%.