The European Commission is about to revise Greek 2017 GDP growth forecast down to 2.0% from 2.7%, an EU official said on Friday.

The Commission published its latest forecast on February 13 where it saw Greek 2017 GDP growth at 2.7% but noted that “downward risks mainly relate to uncertainties over the completion of the second review of the ESM programme”.

Prolongued negotiations between the Greek government and Greece’s creditors have taken a toll on the economy and the International Monetary Fund has lowered its forecast for the Greek 2017 GDP growth to 2.15% from 2.8%. Fitch noted in its report on Thursday: “Some data suggest that the pace of the economic recovery has slowed in 2017. General government arrears with the private sector rose to €5 billion at end-February, and manufacturing PMIs indicate a contraction in activity in 1Q17, although industrial production has performed well.”

Preliminary 2017 Q1 data are expected on May 15.


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