Finance Ministry Sees Q1 GDP Decline of Less than 1.5%

The Greek Finance Ministry announced that the Greek economy shrank by less than 1.5% in the first quarter of 2014, ahead of GDP data from the Hellenic Statistical Authority (ELSTAT) due this week. Although this would be the 23rd consecutive quarter of recession, the Greek government claims that Greece in 2014 will experience economic growth for the first time since the first half of 2008, mainly due to record number of tourist arrivals expected this summer.  The Greek government expects the economy to grow by 0.6% in 2014. Tourist agents and large tour operators believe that Greece will be one of the most popular tourist destinations this summer, claiming that it may be able to accommodate up to 20 million tourists in 2014, 1.5 million more than last year.  Meanwhile, most airports across the country have announced increased tourists arrivals. Arrivals at Athens International Airport increased by 28% this April compared with the same period in 2013. Rhodes recorded an increase in arrivals of 23.69% compared to 2013, with charter flights from abroad increased by 34%, while Corfu reported an increased of 5.7 percent, with 27,187 tourists visiting, compared to 25,632 last April. Data show that Greece is rather popular among Germans and Russians.

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