ECB: Greece has lowest growth rate in Eurozone

Greeks also have lowest average income

Greece recorded the lowest growth rate in 2017 among the EU member-states, according to the ECB’s annual report released yesterday. More specifically, the Greek GDP amounted to 1.4%, compared with a 2.3% average in the eurozone, while Ireland’s figure stood at 5%.
According to the report, the main factor that contributed to the disappointing rate was private consumption, which rose by only 0.1% in 2017, compared with an average increase of 1.6% in the rest of the EU states. Furthermore, Greece’s 1.1% fall in state expenditure, compared to an average rise in the Eurozone of 1.2%, exacerbated the problem.
In terms of per capita GDP at current prices and adjusted for the cost of living, each Greek has an income of 19,900 euros, compared with 54,600 euros for each Irish. In Portugal, the average income amounts to 23,100 euros, compared with 18,100 euro before the crisis. In Cyprus, the average income is 24,600 euros compared to 29,900 euro before the crisis. On average, the median income per capita in the euro area is 31,700 euros, according to the latest measurements (figures are 2016), compared with 24,300 euros before the crisis.