The Greek economy is far from the rosy picture painted by Greek PM Alexis Tsipras during his address to party members, Monday. Contrary to Mr. Tsipras’s positive growth narrative, data released by the Greek Statistics Services (ELSTAT) an hour later on the same day of Mr. Tsipras’s speech to his SYRIZA comrades, the country’s GDP fell by 1.2% compared to the 3rd semester of 2016, while investments collapsed by 30%. This means the Greek economy is forecast to record a marginal contraction between 0.05% to 0.1%. ELSTAT’s numbers also prove the European Commission’s growth projections, which had predicted a return to GDP expansion.
Greek Statistical Services came less than an hour after Mr. Tsipras’s statements to party members