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Greek Economy Contracts Less Than Expected
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Greece shows the first sign of returning to positive economic growth after years of decline leading to a drop in GDP of about 25% since 2008. The Greek economy contracted by 2.6% in the 4th quarter of 2013 compared to the 3rd quarter, according to Hellenic Statistical Authority. For 2013 the economy contraced by 3.7% instead of an estimated 4%. Growth is expected to be flat in 2014 or growth of 0.6%. For the first time manufacturing and retail sales are showing signs of growing and new car registrations increased in Jan. 2014. Finance ministry data show Greece's budget with a surplus of 691 million euros in 2013, compared with a deficit of 3.46 billion euros in 2012, before debt payments. The figure is higher at 812 million euros when money from the EU coming in for public works is added. Unemployment remains high at 28%.
The eurozone crisis and the prospects for Europe and the global economy in 2012-2014
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The deteriorating situation in Greece, the prospects of economic contraction, friction over funding of the EFSF bailout financing mechanism, the possible lowering of credit ratings of France and Italy, April elections in France wih the prospects of a change in government, are potential events that lead to an exacerbation of the situation in Europe.
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