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7 Oct 2013
Greece expected to get out of recession next year
FXstreet.com (Barcelona) - According to the draft budget for 2014 unveiled by the Greek government on Monday, the recession in which the country had been submerged for the last six years should come to an end next year. Moreover, a budget surplus before interest cost is expected already in 2013.
Finance Minister Christos Staikouras, who presented the budget before reporters in Athens, declared that a pickup in investment and export growth should result in a GDP expansion of 0.6% in 2014, following a 4% drop this year.
“This budget was drafted in an environment of gradual macroeconomic and fiscal stabilization,” the Finance Minister said. “It takes into account the first positive signals, seen in 2013, which were the result of Greek society’s great sacrifices.”
Finance Minister Christos Staikouras, who presented the budget before reporters in Athens, declared that a pickup in investment and export growth should result in a GDP expansion of 0.6% in 2014, following a 4% drop this year.
“This budget was drafted in an environment of gradual macroeconomic and fiscal stabilization,” the Finance Minister said. “It takes into account the first positive signals, seen in 2013, which were the result of Greek society’s great sacrifices.”