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GDP growth is projected to edge up to 2.2% in 2019, before moderating slightly in 2020. The large contribution of exports to growth will decline, but the recovery of household consumption and investment will gain traction with rising confidence. Continued implementation of the government’s reform programme will support the recovery. Unemployment, while still high, will continue to fall.
The budget is projected to reach the authorities’ medium-term primary surplus targets. Fiscal policy is becoming supportive with reductions in corporate income, dividend and property taxes and in social security contributions. The debt relief and policy measures recently agreed with European partners cap Greece’s gross public financing needs, reintegrate Greece into the European Semester framework and establish regular policy monitoring. The accumulated government cash buffer provides security against external volatility.
Source: OECD Economic Outlook 104 database.
Economic Survey of Greece (survey page)