The Foundation for Economic & Industrial Research (IOVE) published in quarterly report last week and estimated that the rate of recession for 2015 amounted to 0.5%, which was significantly lower than initial estimations.
Nikos Vettas, managing director of the Institute, presented the quarterly report on the Greek economy and said that the unemployment rate was expected to rise to 25.5% of the workforce this year, from 25% in 2015 and 26.5% in 2014, while the inflation rate was expected to range between 0.5% and 1.0%.
According to IOVE’s report, the initial estimations of 1.5%-to-2% rate of recession in 2015 were revised due to the higher revenue from tourism, the reduced cost of energy and the overall retreat of the euro.
The Institute however warned that the contraction of the domestic economy will continue, unless there is a significant increase of the investments being made in Greece.
The Greek economy is expected to return from negative to positive growth rates in the middle of 2016.
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