ATHENS — The Greek economy is showing a better picture than expected, Hellenic Fiscal Council President Panagiotis Korliras said on Tuesday, presenting the quarterly report on macro-economic and fiscal developments in the country. During the last three months, economic activity indicators showed positive developments, with the funding rate of enterprises rising and GDP contracting less than expected in 2020, he added.

"We are optimistic that with the future opening of activities there will be significant improvement in all economic data and we expect a better 2021 overall," Korliras said, adding that according to the quarterly report of the Fiscal Council, the extent of the economic recession was the result of the pandemic and the lockdowns.

He noted, however, that there were concerns over the reappearance of a high "double-digit deficit" in 2020, with the current account deficit reaching 6.7 pct of GDP and the general government cash deficit rising to 10 pct of GDP.