The Greek government has made a bold growth prediction – this chart shows why it’s a joke
After passing a budget in the early hours of Sunday morning, one of the Greek government's forecasts is already looking ropey (at best).
The budget estimated 0.6 per cent growth in 2014 – but inflation data released today shows that Greek deflation is at a new record. HICP inflation has dropped by a staggering 2.9 per cent in the year to November.
Greece is an economy where demand is collapsing – not recovering.
A second growth estimate shows that the Greek economy shrunk by three per cent in the third quarter. Greek output has shrunk in every period since the second quarter of 2008.