The Hellenic Statistical Authority (ELSTAT) announced Monday morning that the growth rate for the 3rd quarter of 2017 would amount to 1.3%. The figure is lower than initial expectations in light of the fact that a better performance would be necessary to reach the minimum 1.6% GDP growth target.
As sources from the General Accounting Office and the Bank of Greece told protothema.gr, the modest third-quarterer results are largely due to the impact of fiscal policy and overtaxation.
In an effort to compensate for a shortfall in revenues the government cut back heavily on public spending to overcome in order to distribute a social dividend, a move that negative impacted the course of GDP, thus nullyfying the positive results of the rise in tourism.