The European Central Bank’s (ECB) annual report, released this week, confirms the robust economic recovery in the Eurozone, with higher than previous growth and employment rates posted in 2017.
Developments were also encouraging in the common monetary area’s credit sector, where a reduction in “bad debt” was reported, although risks remain.
Nevertheless, still crisis-battered Greece remained a laggard in terms of growth, with a 1.4-percent GDP hike in 2017 falling behind the Eurozone average of 2.3 percent and the EU-28 average of 2.4 percent.
Per capita GDP for 2016 in the country, governed since January 2015 by the once anti-bailout and radical leftist SYRIZA party and its right-wing “sidekick”, the AN.EL party, fell to 19,900 euros. The pre-crisis period of 1999-2008 recorded a per capita GDP average of 20,400 euros.
In terms of other institutional bailout recipients, the per capita average was 23,100 euros in Portugal; 24,600 in Cyprus; and a whopping 54,600 euros in Ireland.
