Government corrects economic growth figures

08/08/2015 00:00

The government has admitted for the first time that the economy is not fulfilling the expectancies.

The Council of Ministers has changed the economic growth expectancy not only for this year, but for the three upcoming years.

According to the strategic document, the economic growth for 2015 has changed from 3% to 2.7%. While the reduction was warned by the IMF, the change of the mid-term level was a surprise.

More specifically, the evaluation for the economic growth was reduced from 4% to 3.4%, from 4.5 to 4% for 2017 and from 4.5 to 4.3% for 2018.

This shows that the government expects a lower revival of the economic activity.

The economic growth is not the only indicator that has been deteriorated. The public debt will also be higher than what is expected. The program for its reduction has also been changed.

If the government had planned to reduce the debt to 68.9%, the figure is now corrected at 71.3%.

Same as the economic growth, the debt has been corrected in deterioration for the entire mid-term level. By the end of 2018 it will be 65.8%, from 62.1% of the GDP that was foreseen by the previous framework.

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