Greek Economy Seen Shrinking 1.4% in 2015, Less Than Expected

October 21, 2015 Share Print 0

Oct 21 Greece’s recession this year is expected to be shallower than initially forecast, with officials expecting a drop in output of 1.4 percent from earlier estimates of a 2.3 percent contraction, sources said on Wednesday.

Sources close to bailout talks said that the lenders had agreed with the new projection. The estimate for a 1.3 percent drop in output for next year remains.

Greek Economy Minister George Stathakis on Oct. 7 said the drop in output was also expected to be milder, contracting by about 1.5 percent this year.

He told lawmakers last week the economy will benefit from a strong performance in tourism and a milder impact than expected from capital controls the country imposed late in June to stem a deposit run.

Reuters

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Dean Popplewell

Vice-President of Market Analysis at MarketPulse

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.