Greek economic growth slightly undershoots targets for 2018

By iNFOTEL
March 07 2019 04:00 AM

CP694339378 — A man drives his motorcycle as in the background stands the ancient Acropolis hill with the Parthenon temple, in Athens, on Monday, March 4, 2019. Greece said Monday it is planning to issue a 10-year bond, in its second test of financial market confidence in the country since it officially exited its international bailouts in August. (AP Photo/Petros Giannakouris)

ATHENS, Greece – Greece’s statistical authority says economic growth in 2018 was weaker than forecast, following a slight contraction in the third quarter attributable to a decline in investment spending.

Provisional data released Thursday show the economy grew 1.9 per cent in 2018, down from a 2.1 per cent estimate by the government, but closer to the European Commission forecast of 2 per cent.

In October-December, the economy contracted 0.1 per cent on the quarter, with investment spending down 3.6 per cent and exports up 1.8 per cent.

Greece returned to growth in 2017 following a depression that erased about a quarter of the economy. The country exited its third international bailout last August. It first required rescue loans in 2010, when it lost market access after misreporting fiscal data.

Athens has successfully held two bond issues this year.

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