Greece plans to pull out of economic contraction in 2014

PanARMENIAN.Net - Greece should finally pull out of six years of economic contraction in 2014 with growth of 0.2 percent, according to a mid-term budget plan unveiled by the Finance Ministry on Wednesday, Oct 31, according to Reuters.

The plan, submitted to parliament along with the 2013 budget draft on Wednesday, Oct 31, said the government would achieve a primary budget surplus of 4.5 percent in 2016, two years later than an original goal under Greece's bailout terms with the European Union and the International Monetary Fund.

Public debt as a percentage of annual output will continue to rise to 191.6 percent of gross domestic product in 2014 before eventually dropping to 184.9 percent in 2016, the plan said.