Greek real GDP to dip at least 2.25 pct in 2010-EU

The Greek economy is expected to shrink by at least 2.25 percent in 2010 but austerity steps announced by Athens appear sufficient to safeguard budget targets, the European Commission said.

In a report to be debated by EU finance ministers on Tuesday, the bloc's executive arm lauded Greek steps to keep its swelling budget deficit under control this year as "ambitious", adding they should be followed by more steps in 2011 and 2012.

"Even if assumed that the worst quarterly real growth rates are already behind us (i.e. the largest contraction in economic activity was in the 4th quarter in 2009), annual real GDP is expected to decline further in 2010, by at least 2.25 percent," the Commission said in the report, released on Friday.

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- Posted: 2010-03-12 10:26:07

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