Eurobank report: Greek economy stagnant in 2014-15

Economic growth in Greece appears stagnant in the first quarter of 2016, a report by Eurobank states on Friday.

Eurobank’s chief analysts cite the stagnation of the Greek economy over the past two years, following a “major recession” between 2007 and 2013, with an accumulated loss of GDP of 26.49 percent.  The subsequent 24 months recorded an increase in GDP of just 0.42 percent.   

The “opportunity costs” related to the stagnant economy, namely, loss of production, incomes, lower employment, social benefits and public works, was characterized as “significant”, given that under normal conditions modern economies post growth rates of between 1.8 and 2 percent on a yearly basis.