CESCE, Country Risk
The recovery has yet to arrive in the Greek economy.
![[Img # 23113]](https://empresaexterior.com/grecia-vuelve-a-registrar-contraccion-el-primer-trimestre/upload/img/periodico/img_23113.jpg)
New triumph of CDU in the largest “land” of Germany, The Christian Democratic Union of the chancellor Angela Merkel has dethroned the Social Democratic Party (SPD) en North Rhine-Westphalia, after a 50-year reign. CDU has achieved 34,5% of the votes, according to exit polls, compared to the 30,5% obtained by the SPD of Martin SchulzThe far-right party Alternative for Germany (AfD) It will enter the regional parliament of this state for the first time, after obtaining 7,5% of the vote. These are the last regional elections before the presidential elections, which will be held on September 24. North Rhine-Westphalia It is the most populated state of Germany, In the 18 million-strong district, where one in five Germans were eligible to vote, Merkel's party's victory reflects the strong support it enjoys ahead of the national elections; it is currently estimated to lead the SPD by 10 points in voting intentions.
Greece Greece's economy contracted again in the first quarter. Recovery has yet to arrive. After zero growth in 2016 (GDP fell by 1,2% in the fourth quarter), the start of this year has brought no better news. Between January and March, a decline of one-tenth of a percent was recorded, news that comes days before Parliament is due to approve new austerity measures demanded by its international creditors. European Commission As the government itself has revised its forecasts for this year downwards, to 2,1% and 1,8% respectively, social pressure is mounting. Another general strike is planned for this week to protest the tax hikes and further pension cuts demanded by creditors from Athens. In exchange, Greece will receive European funds that will prevent it from defaulting this summer (€7.000 billion in debt is due in July), and negotiations will begin to restructure the unpayable public debt. This preliminary agreement will have to be ratified by the Greek Parliament and the Eurogroup at its meeting on May 22.
Portugal Portugal's economy accelerated in the first quarter. First-quarter data from Portugal is cause for optimism: between January and March, the country's economy grew by 1% compared to the previous quarter and by 2,8% year-on-year. This upward trend, which began in 2013, has been gaining momentum. It is the highest growth rate recorded in a decade and is driven by exports and investment. Furthermore, the real estate and tourism sectors are expanding. The latter is benefiting from the instability and insecurity in the southern and eastern Mediterranean. Last year alone, tourism revenues grew by 11%, reaching a record €12.600 billion.
Downward revision of growth forecasts United Kingdom. The Central Bank of the UK has updated its growth forecasts in line with those just published by European CommissionThe scenario they are working with is that of a “soft Brexit”; they have reduced their growth forecast to below 2% (1,9%). Brussels It places it at 1,8%. For the moment, the Central Bank has left the interest rate at 0,25%, although there is speculation that the rate hike will take place before the end of the withdrawal negotiations with Brussels.
Currently, inflation forecasts indicate that it will reach 3% in 2017.
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