EU Commission: Greek economy to grow

Greece is expected to post a 0.6 percent economic growth rate in 2014, the European Commission said in its interim report on EU member states released on Tuesday.

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In its report titled "First signs of recovery", the European Commission underlined that Greece would return to growth in 2014 as confidence indicators continue to improve and structural reforms in labour and product markets improve economic competitiveness by creating expectations for boosting exports and investment according to ANA-MPA

According to the Commission, fiscal consolidation and strengthening of competitiveness in Greece have improved the climate of confidence and boosted economic recovery.

The European Commission reported that recession slowed down to -2.6 percent in the fourth quarter of 2013 from -5.5 percent in the first quarter of 2013. The strong rebound in tourism, since last spring, had a positive impact on the economy, it added.

Overall, recession in 2013 is expected to slow down to -3.7 percent against a -4.0 percent Commission forecast.