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Growth»

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Greek state budget draft plan foresses 2.1% growth rate in 2023

Greek state budget draft plan foresses 2.1% growth rate in 2023 The Greek draft state budget plan for 2023 envisages a primary surplus of 0.7% of GDP and a growth rate of 2.1%, ANA reports. The state budget’s primary deficit will reach 1.7% of GDP in 2022, down from a target for a deficit of […]

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Cypriot growth to reach 5.5% this year

Cypriot growth to reach 5.5% this year Cyprus’ economy is forecast to grow by 5.5% in 2022 on better-than-expected tourism arrivals, although the outlook is tempered by energy market turbulence which will sap demand later in the year, the island’s Central Bank said on Thursday. Updated projections of economic output were 2.8 basis points higher […]

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Growth in flights, arrivals to continue in October

Growth in flights, arrivals to continue in October Air transport is returning to pre-pandemic levels, a global trend recorded by the International Civil Aviation Organization (ICAO) that has become evident in Greece since the start of the summer season, when most regional airports showed stronger performance compared to 2019. In Greece, the recovery of air […]

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Media report: Despite COVID, energy crisis, Greece on track for big growth

Media report: Despite COVID, energy crisis, Greece on track for big growth What’s expected to be another record tourism year despite the waning COVID-19 pandemic is fueling enough economic growth in Greece even to withstand pouring state aid into helping households deal with soaring energy costs, bank chiefs said. Estimates have been that growth will […]

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Growth to continue in 2023

Growth to continue in 2023 Greek bank chiefs are expressing moderate optimism on the country’s prospects in the midst of the energy storm that has erupted, estimating that the economy will maintain its growth rate and avoid being involved in the recessionary shock that threatens the eurozone. This assessment is reinforced by the fact that […]

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Unemployment’s vicious cycle

Unemployment’s vicious cycle Growth alone cannot solve the problem of the long-term unemployed at its core.  That is why any programs designed to help them embark on a new career or to pick up where they left off must require a high level of specialization. That is the only way to help these people break […]

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Growth to exceed 5% in 2022

Growth to exceed 5% in 2022 Rating agency analysts and Greek economists are predicting growth above 5% in Greece this year, after the strong second-quarter data, while expecting the nominal GDP rise to bring the Greek debt ratio below 170%. They point out that although the economy will be significantly boosted by tourism, the high […]

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BoG sees higher GDP growth

BoG sees higher GDP growth The Bank of Greece has upwardly revised growth predictions for 2022, though not to the level predicted by Swiss-based investment bank UBS. The country’s central bank now estimates that the economy will grow 4.2% in 2022, a full percentage point higher than the 3.2% estimate that it included in its […]

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Greece’s Growth Higher than Forecast; Budget Deficit Lower

Greece’s Growth Higher than Forecast; Budget Deficit Lower The bronze equestrian sculpture of Revolutionary War hero Theodoros Kolokotronis in front of the old Parliament Building in Athens. Credit: George E Koronaios/CC SA4.0. UBS, the Swiss-based investment bank has considerably raised its growth forecast for Greece’s gross domestic product (GDP) for 2022, while the finance ministry […]

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UBS forecasts 2022 GDP growth at 5.7%

UBS forecasts 2022 GDP growth at 5.7% Swiss-based investment and financial services bank UBS has significantly raised its growth estimate for Greece’s gross domestic product for 2022. UBS has raised its estimate to 5.7% from 4% based, among other factors, on the dynamic recovery of the tourism sector, which it expects to post record-breaking revenue […]

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PM Mitsotakis: A historic day, opening a new era of growth and prosperity for Greece

PM Mitsotakis: A historic day, opening a new era of growth and prosperity for Greece Greece is exiting the EU’s enhanced surveillance framework, a painful 12-year cycle of loan memoranda, moving forward with consistency and fiscal prudence, Greek Prime Minister Kyriakos Mitsotakis said on Saturday. In a message celebrating the occasion, Mitsotakis referred to the […]

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Greek PM on exiting enhanced surveillance: “A historic day, opening a new era of growth and prosperity for Greece”

Greek PM on exiting enhanced surveillance: “A historic day, opening a new era of growth and prosperity for Greece” “The 20th of August 2022 is a historic day for Greece and all Greeks: in the most official way, our country exits the Enhanced European Surveillance regime. Therefore, a 12-year cycle that has brought pain to […]

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PM’s advisor Alexis Patelis to Bloomberg: Growth in 2022 may exceed forecasts

PM’s advisor Alexis Patelis to Bloomberg: Growth in 2022 may exceed forecasts The assessment that the growth of the Greek economy in 2022 will probably exceed forecasts, due to the better performance of tourism, was expressed by the economic advisor of Prime Minister Kyriakos Mitsotakis, Alexis Patelis. In an interview with BloombergTV, Mr. Patelis pointed […]

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Greek tourism: Explosive growth in passenger traffic at the airport of Chania

Greek tourism: Explosive growth in passenger traffic at the airport of Chania The passenger traffic at the airport “Ioannis Daskalogiannis” of Chania, in Crete, recorded an explosive growth in the first seven months of 2022, exceeding not only the passenger traffic of 2019, but also the traffic before the outbreak of the pandemic. A lot […]

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Sluggish growth in July car sales in Greece

Sluggish growth in July car sales in Greece Sales of new and imported used cars rose 0.8% in July and continue to lag the 2021 numbers during the first seven months of the year. Sales representatives say that inflation and delays of several months in car deliveries are factors that impact sales negatively. The independent […]

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BoG to raise growth forecast

BoG to raise growth forecast 2022 is evolving better than the Bank of Greece forecast for the Greek economy, thanks to the very good performances of tourism, with revenues expected to surpass even the record-breaking year 2019, central banker Yannis Stournaras said on Wednesday, announcing a revision to growth forecasts. He also stressed how important […]

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Bank of Greece: Higher tourism receipts in 2022 to lead to improved economic growth

Bank of Greece: Higher tourism receipts in 2022 to lead to improved economic growth The Bank of Greece (BoG) will revise its forecasts for the growth rate of the Greek economy upward this year, its governor Yannis Stournaras said on Wednesday during a radio interview, ANA reports. Stournaras said that BoG’s original forecast was for […]

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BoG governor: Higher tourism receipts in 2022 to lead to improved economic growth in 2022

BoG governor: Higher tourism receipts in 2022 to lead to improved economic growth in 2022 The Bank of Greece (BoG) will revise its forecasts for the growth rate of the Greek economy upward this year, its governor Yannis Stournaras said on Wednesday during a radio interview. Stournaras said that BoG’s original forecast was for a […]

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Moody’s Analytics sees tourism take growth up to 5.7%

Moody’s Analytics sees tourism take growth up to 5.7% The favorable scenario is now becoming the main one for Greece, says a new report by Moody’s Analytics, estimating that the Greek economy will record the third highest growth rate in the eurozone this year, amounting to 5.7%. “Our baseline scenario assumes that early elections do […]

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Cyprus central back cuts growth forecast

Cyprus central back cuts growth forecast The Central Bank of Cyprus (CBC) downgraded by 0.9 percentage points its forecasts for gross domestic product growth in 2022, due to the negative effects of the war in Ukraine and the sanctions against Russia. In a report released on Friday, it noted that the growth prospects of the […]

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European Commission sees higher growth for Cyprus

European Commission sees higher growth for Cyprus The European Commission has revised, in its summer forecasts, Cyprus’ real GDP growth in 2022 to 3.2%.  This is almost one percentage point higher than its spring forecasts.  The Commission also estimates real GDP at 2.1% for 2023, according to a statement by the Cypriot Finance Ministry. Source […]

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Brussels sees growth reach 4%

Brussels sees growth reach 4% The Finance Ministry is guardedly optimistic about the course of the Greek economy in the wake of a European Commission estimate for growth of 4% in 2022, against 3.1% predicted by the government. Ministry officials say the targets in the medium-term plan will not be revised now, but in October […]

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Stability Pact needs to be reformed, says BoG chief

Stability Pact needs to be reformed, says BoG chief It is time for a reform of the Stability and Growth Pact, Bank of Greece Governor Yannis Stournaras told the 22nd Rencontres Economiques held in Aix-en-Provence in France.  The Greek central banker recommended that the Recovery and Resilience Facility should be transformed into a permanent mechanism […]

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IOBE resorts to upward revision of growth

IOBE resorts to upward revision of growth Greece’s economy will grow by 3.5% to 4% this year, according to the quarterly report of the Foundation for Economic and Industrial Research (IOBE). It is noted that the previous estimate spoke of growth of 2.5% to 3% this year. Inflation is expected to move to 9-9.6%, as […]

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Economist Intelligence Unit: Greek economy growth in 2022 at 4%

Economist Intelligence Unit: Greek economy growth in 2022 at 4% The Economist Intelligence Unit (EIU) maintained its forecast for the growth of the Greek economy unchanged at 4% in 2022, although it revised the corresponding estimates for the global and European economy downwards, in the shadow of the war in Ukraine and the galloping inflation […]

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Inflation in Greece Climbs to 12% in June, Growth Revised Downwards

Inflation in Greece Climbs to 12% in June, Growth Revised Downwards The significant rise in Greek inflation has driven fuel prices much higher. Credit: Greek Reporter Inflation in Greece reached 12 percent in the month of June from 10.5 percent in May and 9.1 percent in April, according to data released by Eurostat, the official […]

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ECB arrests bond yield growth

ECB arrests bond yield growth The new anti-fragmentation program of the European Central Bank will reduce the rising borrowing costs of vulnerable countries in the eurozone, such as Greece, while keeping the pressure on governments to pursue prudent fiscal policy, as it will contain relevant conditions, according to ECB head Christine Lagarde. Plans on flexibility might […]

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Greek central bank cuts economy’s growth projection to 3.2% this year

Greek central bank cuts economy’s growth projection to 3.2% this year Greece’s central bank on Thursday revised the economy’s growth outlook to 3.2% this year from 3.8% previously to reflect increased uncertainty due to the war in Ukraine and inflation. The Bank of Greece said in a monetary policy report that economic growth could turn […]

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IMF sees 3.5 pct growth in 2022, 2.6 pct in 2023; public debt on downward trajectory

IMF sees 3.5 pct growth in 2022, 2.6 pct in 2023; public debt on downward trajectory Greece has weathered the pandemic well, with a considerably stronger-than-expected recovery. Reforms progressed in several areas, including digitalisation, privatisation, improving the fiscal policy mix, and bank balance sheet repair. Greece finalised its early repayment to the IMF on April […]

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IMF sees 3.5 pct growth for Greece in 2022, higher inflation

IMF sees 3.5 pct growth for Greece in 2022, higher inflation Greece has weathered the pandemic well, with a considerably stronger-than-expected recovery, but high energy prices are expected to further increase inflation, the International Monetary Fund (IMF) said in a report on the country on Wednesday. Reforms progressed in several areas, including digitalisation, privatization, improving […]

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