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Summary
Greece fell into recession again last year however, it is said that there would be growth in 2017 and 2018.
Real GDP
Greece's Real GDP has dropped approximately 1.3% from last year. By comparing consumption rate from 2016 to current year, consumption growth rate has dropped by 0.3% from 1.4% to 1.1%.
However, household consumption and government expenditure has been increasing at an agonizingly slow rate, at 0.4% and about 2.6% respectively.
Projected Economy growth rate
The Foundation for Economic and Industrial Research (IOBE) think tank projects slower economic growth rate for Greece this year, at around 1.4%. GDP growth rates are increasing at a constant rate, so it suggests a slow, but sure recovery for Greece's economy.
Impact
Minor impact on other indices and fiscal figures. Greeks were made far poorer and consumption shrunk due to the years of difficult economic conditions imposed in exchange for bailouts.

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[ATHENS] Greece fell into recession again last year, confounding its international creditors who had predicted some growth after years of budget austerity and bailouts.

The country's leading economic think tank, meanwhile, said there would be growth this year - but not as much as the government expects.

The economy contracted by 0.2 per cent in 2016, statistics service ELSTAT said on Tuesday, releasing its revised estimate of full-year gross domestic product.

ELSTAT's estimate, based on seasonally unadjusted data, was based on lower than previously estimated household consumption, suggesting that the euro zone's largest unemployment rate is still holding back broader recovery.

It said gross domestic product in volume terms and measured at constant prices was 175.9 billion euros (S$284.09 billion) last year, down from 178.1 billion euros in 2015. Consumption dropped by an annual 0.3 per cent, versus a 0.6 per cent rise estimated by the agency in March.

"It's a small change that has minor impact on other indices and on fiscal figures. It is a slightly weaker depiction of the real economy in 2016 due to the downwardly revised consumption expenditure," said National Bank economist Nikos Magginas.

He said that the registered trend in consumption would also be a challenge for 2017.

Years of austerity imposed by the International Monetary Fund and euro zone lenders in exchange for bailouts have made many Greeks far poorer and shrunk consumption accordingly.

The European Commission, in its winter forecast published in February, projected GDP growth of 0.3 per cent in 2016 while the International Monetary Fund's upwardly revised estimate saw GDP growth of 0.4 per cent.

Greece's leading IOBE think tank said on Tuesday the economy will expand by "slightly below" 1.5 per cent this year and pick up to around 2 per cent in 2018.

"The Greek economy's growth rate in 2017 will be in the area of 1.3 per cent, slower than was previously projected. Next year, growth will most likely accelerate to 2.0 per cent or slightly higher," IOBE said in its quarterly review.

The think tank's projections are below government forecasts. The government, which faces a third review to its international bailout this autumn, has cut this year's economic growth estimate to 1.8 per cent from 2.7 per cent in May.

The Commission has also cut its forecast to 2.1 per cent from 2.7 per cent. Greece's central bank sees gross domestic product growing by 1.7 per cent this year and picking up to 2.4 per cent in 2018.

Economic recovery will be key to bringing down a jobless rate of 21 per cent, the highest in the euro zone, and attaining a primary budget surplus of 1.75 per cent - excluding debt servicing outlays - this year as demanded by Greece's creditors.

REUTERS

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Greece, in recession again last year, eyes recovery in 2017-18

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ATHENS] Greece fell into recession again last year, confounding its international creditors who had predicted some growth after years of budget austerity and bailouts. The country's leading economic think tank, meanwhile, said there would be growth this year - but not as much as the government expects.

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Summary
The inflation rate of Greece is falling slowly but surely, with October being the weakest month. Greece is currently experiencing disinflation.
Year-On-Year

Consumer prices advanced 0.7 percent year-on-year in October, slower than the 1 percent increase seen in September.

This was the weakest rate in the current sequence of growth that started in January.
Monthly Basis
On a monthly basis, consumer prices rose only 0.1 percent, following September's 1.9 percent increase. Prices increased for two straight months.

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(RTTNews) - Greece's inflation eased to the lowest level seen so far this year in October, figures from the Hellenic Statistical Authority showed Thursday.

Consumer prices advanced 0.7 percent year-on-year in October, slower than the 1 percent increase seen in September.

This was the weakest rate in the current sequence of growth that started in January.

On a monthly basis, consumer prices rose only 0.1 percent, following September's 1.9 percent increase. Prices increased for two straight months.

EU harmonized inflation in Greece, halved to 0.5 percent in October from 1 percent in September. Month-on-month, the harmonized index of consumer prices fell 0.1 percent, reversing a 1.2 percent rise in September.

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(RTTNews) - Greece's inflation eased to the lowest level seen so far this year in October, figures from the Hellenic Statistical Authority showed Thursday. Consumer prices advanced 0.7 percent year-on-year in October, slower than the 1 percent increase seen in September. This was the weakest rate in the current sequence of growth that started in January.

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With the country that you have in mind, each group shall select a maximum of 3 news articles that are related to macroeconomics concepts taught so far (e.g. GDP, Unemployment, Inflation, Keynesian Model).  The selected article(s) must be dated after 31 Aug 2017.  Please ensure that the chosen article(s) encompasses at least THREE topics with distinct economic issues that you could do your analysis on.

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Summary
Greece is making a recovery in terms of their once extremely high unemployment rate of 27.9 percent. (The average unemployment rate of a first world country is 4.6%)
Entire Population
Greece’s jobless rate, which hit a record high of 27.9 percent in September 2013, has been easing in recent months but is still the highest in the euro zone.
It is currently at 20.6% in August.
Youth
Among younger persons aged 15 to 24, the jobless rate eased to 40.2 percent from 45.2 percent a year ago.
Future Prospects
The Greek government expects unemployment to fall to 19% by next year.

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ATHENS, Nov 9 (Reuters) - Greece's jobless rate eased to 20.6 percent in August from a downwardly revised 20.9 percent in July, the country's national statistics service ELSTAT said on Thursday.

Seasonally adjusted data showed the number of registered unemployed at 984.483 people, with younger persons aged up to 24 taking the brunt of being out of work.

Among younger persons aged 15 to 24, the jobless rate eased to 40.2 percent from 45.2 percent a year ago.

Greece's jobless rate, which hit a record high of 27.9 percent in September 2013, has been easing in recent months but is still the highest in the euro zone.

Greece expects the unemployment rate to fall to 19 percent next year, the finance ministry said in a draft 2018 budget submitted to parliament in October. (Reporting By Michele Kambas)

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Greek unemployment eases to 20.6 percent in August

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ATHENS, Nov 9 (Reuters) - Greece's jobless rate eased to 20.6 percent in August from a downwardly revised 20.9 percent in July, the country's national statistics service ELSTAT said on Thursday. Seasonally adjusted data showed the number of registered unemployed at 984.483 people, with younger persons aged up to 24 taking the brunt of being out of work.