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Inflation Drops in Greece

oikonomia1(GREEK NEWS AGENDA)   Inflation dropped to 1.8% in January on an annual basis, its lowest rate in more that 40 years, and is likely to remain at this level this month, according to the National Statistics Service, which reported that inflation in January dropped from 2% in December, mostly due to lower heating oil and gasoline prices. The inflation rate was 3.9% in January 2008.  January’s decline was in line with eurozone price trends. Inflation in the 16 countries that have adopted the euro fell to 1.1% in January, a decade low, boosting pressure on the European Central Bank to cut interest rates as price growth is now below its target. Ministry of Economy and Finance: Economic and Financial Data for Greece

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Eurozone: Greece exceeds Growth Average

(GREEK NEWS AGENDA) In the wake of the informal meeting of the Heads of State and Government of the European Union on November 7 in Brussels, the European Commission issued its autumn economic forecast 2008-2010 yesterday, revealing the gloomy influence of the financial crisis on the European economies.  According to the data, economic growth rates for the European Union should be 1.4% in 2008 (1.2% for the eurozone), half what it was in 2007, and drop even more sharply in 2009 at 0.2% (0.1% for the eurozone).  Greece’s growth rate remains resilient, topping all Eurozone economies’ GDP growth. Greece’s growth rate for 2008 is estimated at 3.1% in 2008 dropping by 0.9% since 2007, all due to a slump in private consumption and a decline in corporate investment, according to the European Commission. For 2009, predictions foresee a drop at 2.5% and 2.6% at 2010.

Greek Public Budget Balance

In terms of the country’s fiscal deficit, it was 3.5% of GDP in 2007 and was expected to fall to 2.5% (2008). The Commission’s forecast shows that it is expected to fall to 2.2% in 2009 only to rise again to 3% in 2010.

Inflation in Greece

After its soaring 2008 levels, inflation will fall to 2.5% in 2009 for the European Union and 3.5% in Greece. In 2010, it will succumb even further with 2.2% in the EU and 3.3% in Greece.    European Commission: Forecasts for member states- Greece

Greek Economic Outlook

(GREEK NEWS AGENDA)    Prime Minister Kostas Karamanlis addressed the general assembly of the Federation of Greek Industries on Tuesday, and stressed the need for the creation of a powerful front against phenomena of profiteering and fraud. The premier called on the business world to combat inflation, to see to it that products “reaching consumers are high quality but with low prices and prove in practice that a free market does not mean an unaccountable market.”  Karamanlis emphasised that the main targets of the government’s policy are the creation of necessary conditions to increase wealth produced, the tackling of unemployment and the fairer distribution of social dividends.   He also stressed that he shall “continue the policy of reforms which have shielded the economy to a considerable degree, secured high growth rates and are restricting unfavourable repercussions.” Lastly, the premier said that “the latest assessments by the European Commission certify that growth will continue in our country with rates that are double the average of the eurozone, employment will increase by more than 1% per year and unemployment will continue to fall.”  Continue reading

Greek PM: Safeguarding Price Stability

 (GREEK NEWS AGENDA)   Prime Minister Kostas Karamanlis addressed an official dinner given in honour of the European Central Bank’s (ECB) board at the Zappion Mansion on Thursday, stressing that although being a relatively new institution, the ECB “succeeded with great skill in safeguarding price stability and securing favourable conditions for growth.” He also said that the emerging crisis in world fiscal markets, the slowdown in the American economy and the increase in the prices of energy, basic products and food, unavoidably had an impact on Europe. He noted that the recent fiscal crisis underlined the need for closer cooperation in supervising the fiscal sector, adding that apart from the initial moves carried out, it is important that the effort to further strengthen the fiscal stability framework be continued. The prime minister went on to say that Greece’s priorities are focused on restructuring basic economic indexes, reforming markets, promoting social cohesion and sustaining viable growth with respect for the environment.   Continue reading