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Athens Macedonian News Agency: News in English, 16-11-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greek economy grew 1.5 pct in Q3
  • [02] Greek EconMin sees 10 reasons to boost investments and exports
  • [03] Labour Minister Achtsioglou to meet with institutions on Tuesday

  • [01] Greek economy grew 1.5 pct in Q3

    Greek economy grew 1.5 pct in the third quarter of 2016, laying the foundations for its return to positive growth rates in 2017. Hellenic Statistical Authority, in a report released on Monday, said the country's Gross Domestic Product (GDP) grew 1.5 pct in the third quarter compared with the same period in 2015 (GDP was down 2.2 pct in the third quarter of 2015). On a quarterly basis, the country's GDP grew 0.5 pct in the third quarter from the second quarter.

    The statistics service revised upwards its estimate on the GDP in the first two quarters of the year, to -0.8 pct (instead of an -1.0 pct initial estimate in the first quarter and -0.6 pct from -0.9 pct in the second quarter).

    Provisional figures for third quarter GDP will be released in November 29, based on updated primary data. Based on non-seasonally adjusted figures, the Greek GDP grew 1.2 pct in the third quarter compared with the same period last year.

    [02] Greek EconMin sees 10 reasons to boost investments and exports

    Economy Minister Dimitris Papadimitriou on Monday said there were 10 basic reasons why attracting investments and boosting exports have very positive prospects in the country. Addressing an event organized by the Athens Chamber of Commerce and Industry on "EBEA Export Forum 2016", the Greek minister said that a new development model is limited by a strict fiscal framework defined by an economic adjustment program and a new European economic governance and a fiscal pact that demanded balanced budgets, while a strict fiscal adjustment has led to high tax rates which in some cases are prohibitive to investments. However, Papadimitriou said there were 10 reasons why attracting investments and boosting exports have positive prospects:

    1- Tax rates have reached their ceiling

    2- Greece escaped a Grexit risk

    3- A prolonged recession pushed the economy to extremely low levels and stabilized profitability of those enterprises that endured the recession

    4- Agreements reached with the country's creditors and completion of a the first review of the Greek program has markedly improved economic sentiment in the country

    5- Greece offer a number of comparative advantages such as specialized and cheap labor, labor market flexibility, a stable tax framework, a new development law, a sustainable pension system, political stability, a huge reserve of human and natural resources, strong trade negotiating power and institutional safety because of its participation in the euro currency

    6- The country has a safe banking system following its restructuring and successful recapitalization

    7- Greece has secured funds from EU funds until 2020 and through a Juncker Investment Plan

    8- A seven-year recession has created opportunities for the participation of foreign capital in dynamic Greek enterprises

    9- In the period 2016-2017 Greece will have implemented one of the biggest privatization programs in the world (Cosco, regional airports, Hellinikon, etc)

    10- Greece has products and services capable to attract investments and to conquer niche markets around the world

    Papadimitriou said Greek exports showed both resistance and dynamism and stressed that the Economy ministry has get a green light from creditors on an action plan to boost exports. He added that the ministry recently approved three funding programs worth 234 million euros to support manufacturing enterprises in the country.

    "I am very optimistic about the future of Greek exports now that the EU economy is recovering and Greece is moving out of the crisis. With the cooperation of all social partners, technical assistance from the EU and the consensus of political parties, Greek exports have nowhere to move but upwards," the minister said.

    [03] Labour Minister Achtsioglou to meet with institutions on Tuesday

    Labour minister Efi Achtsioglou will meet with the representatives of the institutions on Tuesday to continue the negotiations on the labour issues while the negotiations will continue on Wednesday at technical level.

    According to sources, the Labour Ministry's report has not been sent yet to the institutions.

    The Greek part will support the restoration of the collective contracts, the protection of mass-layoffs limit as well as the non-return of the lock out.


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