The real economy However, it is fair to say that the situation has stabilised since the conclusion of the Third Memorandum agreement in September last year. Economic activity picked up in the last two quarters of this year, from a negative growth rate in 2015, to reach positive territory (+0.2% yearon-year) in 2016 especially if receipts from tourism remain buoyant.
Bank of Greece estimates for next year show an increase in real GDP by 2.5% and 3% in 2017 and 2018 (Figure 1 and Table 1). The key drivers of growth are expected to be private investment and exports of goods and services.