Greece's central bank has joined the government in predicting that the country's economy will grow in 2014 following a savage six-year recession but cautioned about the impact of a heated political rivalry ahead of elections in May.

In a 128-page report published Tuesday, The Bank of Greece predicted that the economy will grow by 0.5 percent next year, in line with a government forecast.

However, it said a "climate of polarization" among political parties could limit the benefits generated from years of austerity that have seen an improvement in Greece's public finances. In May, there are European Parliament and local government elections.

Syriza, a coalition of left-leaning parties that is now Greece's main opposition, took the lead in an opinion poll Monday for the first time in over a year.