The Greek economy’s growth rate showed signs of slowing after the latest figures were released for Q3, failing to meet analyst’s expectations as a result. GDP rose by just 1.3% in the July-September period according to provisional figures the Hellenic Statistical Authority (ELSTAT) released earlier this week. The figures showed that tourism was the only main beneficiary.
Despite the results, the government is still attempting to imply that the economy will reach the forecasted growth rate by the end of the year: “We need to wait for the final results of the third quarter to deduce any safe conclusions about 2017. We are confident the forecast for an annual rate of 1.6 percent will be achieved in 2017,” said a government spokesman.
The government clearly expects GDP to grow in Q4 and is banking on the consumer market ahead of the Christmas period to help achieve its aim.