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Greek economy expanding

March 5, 2018

Debt-stricken Greece has confirmed its economy expanded last year despite a dip in the country's outbound shipments. The statistics office said growth was attributable to a surge in corporate investment.

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Greek shoppers
Image: DW/M. Milona

Greece's national statistics office announced Monday the southern European nation's gross domestic product (GDP) rose by 1.4 percent in 2017.

It added, though, that the uptick lost traction in the final quarter of last year, with the economy expanding by only 0.1 percent between September and December, down from 0.4-percent growth in the same quarter a year earlier.

The stats office noted that full-year growth primarily came as a result of increasing corporate investments and private consumption, while exports slumped in 2017.

Turks boost local economy in Greece

Market financing in sight?

The government in Athens confirmed that EU experts had approved a fresh cash injection under its bailout program due to wrap up later this year.

The Greek Finance Ministry said in a statement last Friday that another €5.7 billion ($7 billion) from the third bailout package should be disbursed in mid-March following approval by lawmakers in several eurozone nations.

The current program worth a total of €86 billion runs until August this year. After that, Greece hopes to fully return to regular market financing.

hg/uhe (Reuters, AFP)