Greece Registers 0.5 Percent GDP decline during Q12017
Greece registered 0.5 percent decline in GDP for the first quarter of 2017. Economists were predicting a smaller increase in GDP during the first quarter but a decline by 0.5 percent has left many surprised about the strength of Greek economy. As Greek government underwent tough time dealing with creditors about bailout package, the announcement of austerity measures has led to decline in business confidence. Greek government needs bailout to pay for bonds maturing this summer.
Greece is staring at massive debt which accounts for 179 percent of its GDP. The government agreed to austerity measures earlier this month but Prime Minister said that he will ask for debt reduction in exchange for austerity measures. The government faces major opposition for agreeing to austerity but creditors have been pressing Greece to reduce expenses.
The national statistics office, Elstat, informed that GDP decline by 0.5 percent compared to same quarter last year. However, compared to last quarter of 2016, Greek GDP declined by 0.1 percent. The European Commission reduced its GDP outlook for Greece to 2.1 percent growth in 2017 last week. 2018 GDP estimates have been revised from 3.1 percent to 2.5 percent.
As per reports, Greece is also planning to return to bond market in 2018. However, strong economic performance will be required to hit the bond markets.
Fashion major Michael Kors has agreed to acquire Jimmy Choo for $1.2 billion. New York-based Michael Kors will be able to diversify its portfolio by acquiring UK-based Jimmy Choo, a brand having strong sales in luxury segment.
Samsung is yet to officially unveil its next-generation flagship Galaxy Note 8 smartphone, but KGI Securities analyst Ming-Chi Kuo has already revealed some key details of the upcoming device’s dual camera setup.
Some employees of a tech firm in Wisconsin will soon be able to open doors, unlock office equipment, log into computers and even make in-house purchases with just a swipe of the hand.
The International Monetary Fund (IMF) has predicted US and UK economies will experience weaker-than-expected activity and expand more slowly this year than previously predicted.
The European Commission has confirmed that EU antitrust regulators are probing allegations of a cartel among a group of German carmakers, in an action that could result in bulky penalties for the companies.
Tesla Motors’ long-awaited Model 3 will be a “major test” for the Palo Alto-based electric car giant, according to industry analysts.