A growth rate of 3.1 percent of GDP, on an annual basis, must be posted in the last quarter of 2017 in order to meet this year’s target of 1.6 percent, according to a report by the Hellenic Fiscal Council (HFisc), which focused on the country’s recovering economy.
The council said a landmark development this year is the timely conclusion of the third bailout review, while deflation was finally ended in 2017 as well after several consecutive months.
Another bright spot, according to the council, is the continuing easing of spreads for Greek state bonds, also due, in part, to the looming conclusion of the third review.
Conversely, the report expresses concern over a continuing reduction in public and private investment, in tandem with a rise in exports over the third quarter of 2017.
Private consumption, once one of the “steam engines” of the Greek economy, remained unchanged, while investments dropped by 8.5 percent.
The HFisc is an independent administrative authority established in 2014, and commenced proceedings following the appointment of a first board of directors in November 2015.
One of the many memorandum-mandated reforms in thrice-bailed out Greece included legislation requiring all entities in the public sector to provide information, as requested and to assist the council and its staff membeers in the execution of their duties.
