Hellenic Republic Asset Development Fund

Greece at a glance

Economy Overview

ECONOMY

  • After a prolonged depression, the economy stabilized in 2016 and GDP is projected to grow by 1.6% in 2017 and 2.5% in 2018.
  • In 2016, the primary budget surplus was 3.8% of GDP, exceeding expectations and the 0.5% target. The agreement on the second review has improved prospects for a reversal in economic sentiment and lowered bond yield spreads.
  • Financing conditions remain tight as a large stock of non-performing loans is weighing on banks’ balance sheets, restricting credit supply especially to SMEs and households, though a new resolution framework is now in place for the orderly reduction of NPLs.

LABOR

  • The labor market is improving, supporting private consumption, and higher demand from abroad is boosting exports ( 9.5%).
  • Unemployment is declining but remains high, especially among the young, contributing to high poverty.

CONSTRUCTION

The number of building permits is rising and construction has bottomed out.

INVESTMENT

Investment has started to recover from very low level and should gather pace.

PRODUCTION

Production of capital goods is recovering, pointing towards rising investments.

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