Greece set to return to growth next year, draft budget predicts
ATHENS Oct 7 (Reuters) - Greece will emerge from six years of recession next year, its draft 2014 budget projected on Monday, in one of the strongest signs yet that the country has left the worst of its crippling debt crisis behind.
The economy, which has shrunk about a quarter since its peak in 2007, will grow 0.6 percent next year thanks to a rebound in investment and exports including tourism, the budget predicted.
Athens is also targeting a primary budget surplus of 1.6 percent of national output next year after posting a small surplus this year. Attaining a primary surplus - excluding debt servicing costs - is key to helping Athens secure debt relief from its international lenders.
The draft budget targets a general government deficit of 2.4 percent of gross domestic product next year. Public debt is projected to reach 174.5 percent of GDP in 2014.
- U.S.'s Kerry expresses regret to India over diplomat case |
- Mega Millions winners in Georgia, California to split $648 million |
- China confirms near miss with U.S. ship in South China Sea
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- Fed cuts bond buying in first step away from historic stimulus |