Eurozone crisis

The first-quarter data present some very worrying signs for the Greek economy in 2019, clearly putting the attainment of the target of 2.3 percent growth at risk this year, analysts tell Kathimerini.

Bulgaria ranks fifth among the 28 member states of the European Union on economic growth.

In the first quarter of this year, GDP growth was 1.2%. Before our country is Croatia, whose economy grew by 1.8% in the same period, followed by Hungary and Poland by 1.5% and Romania by 1.3%.

Greece's Finance Ministry rushed to assuage concerns over the numerous handouts and tax cuts announced by the government in the run-up to the country's elections, after the European Commission expressed fears over a possible fiscal derailment.

Greece's growth rate showed worrying signs of a slowdown in the first quarter of the year, as Hellenic Statistical Authority (ELSTAT) figures released on Tuesday showed that the economy grew by just 1.3 percent on a yearly basis in the January-March period.

Greece's economy grew by just 1.3 percent in the first quarter of the year compared with the same three-month period in 2018, when growth came to 2.6 percent, figures published on Tuesday by the country's statistical agency ELSTAT have shown.

Market psychology has changed completely with regard to Greece since the May 26 European polls and the announcement of early general elections, as investors look forward to the prospect of a faster political shift toward a more market-friendly administration.

Greek 10-year government bond yields fell below 3 percent for the first time on Friday, pushing its cost of 10-year funding to 20 basis points over Italy - an all-time low.
Greek 10-year bond yields dropped seven basis points to an all-time low of 2.98 percent as investors bet on a brighter outlook for Greece ahead of a snap election.

Greek bond yields resumed their downward trajectory on Thursday, with more talk about a possible bond issue by Greece before the July 7 snap general election.
The benchmark 10-year government bond yield declined by eight basis points on Thursday, or 2.61 percent, to 3.05 percent.

The government will face the grilling anticipated in the third post-program assessment report next week, as the country's creditors have decided to publish the document as scheduled on June 5, without watering down the conclusions, according to eurozone sources.

Tourism generates over a quarter of Greece's gross domestic product, according to data presented on Wednesday by the Institute of the Greek Tourism Confederation (INSETE). The data highlight the industry's importance to the national economy and employment, as well as tourism's quasi-monopolistic status in the country's growth.