In comparison to preliminary data, final statistics show that GDP grew faster in July-September, at a rate of 2.2 percent. The Ministry for National Economy is anticipating that the November wage agreement, which covers the next six years, will boost economic expansion in 2017.

In the first three quarters of the year, GDP was up by altogether 2.1 percent. The main growth factors: the good performance of the agricultural sector, net wage growth of 7.6 percent, favourable employment trends and a record-low unemployment rate as well as subdued inflation.

As of 2017, economic expansion is seen to accelerate. Growth is expected to be underpinned by the Government’s housing incentives, wage hikes and payroll tax cuts in the next six years and a pick-up in the absorption of EU funds.

(Ministry for National Economy)