A continued reduction in debt servicing costs and some spending restraint is projected to bring the fiscal deficit down to just below 3% of GDP in 2018. Tax and social security cuts have reduced labour costs and improved the investment climate. A recent labour law reform clarifies conditions for dismissals and gives more importance to firm-level agreements on working time.
GDP growth | |||
2015 Current prices EUR billion |
2016
|
2017 % real change |
2018
|
2 181.1 | 1.2 | 1.3 | 1.6 |
Visit www.oecd.org/eco/economicoutlook.htm
©OECD Observer No 308 Q4 2016
Follow us