IOBE: Greek economy to shrink this year

The Greek economy will return from negative to positive growth rates in the middle of 2016 for an annual recession rate of 1.5 % this year, Economic and Industrial Research (IOBE)  announced.

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%.

IOBE’s report mentioned that the Greek economy shrank by around 0.5% in 2015 based on the latest available data.