Ethniki Bank proceeded with an upward adjustment of its forecasts for the Greek economy, after the strong response of the market to the gradual opening of activities from the beginning of April.
Based on the updated estimate of the bank’s financial analysis department for the whole of 2021, there are now strong chances that the annual GDP growth forecast in the basic scenario of the National Bank for the whole of 2021, will exceed 4.7%.
This estimate incorporates a forecast of an annual increase in tourism revenue of 80% – with revenues, however, remaining 55% lower than in 2019 – which is still reasonable, based on early indications that tourism traffic has more than doubled from Q3 2021 onwards.
In addition, the available economic indicators data for the period April-May show a strongly positive reaction of economic activity to the lifting of restrictive measures due to the pandemic, predicting a strong recovery of GDP in the second quarter of 2021.
Post-lockdown indicators
In particular, the EIB’s monthly GDP estimate – which combines information from high-frequency and economic indicators with fiscal and financial data – indicates an annual growth of 9.7% in April.
At the same time, the activity seems to have increased by 0.6% on a seasonally adjusted monthly basis compared to March 2021.
The positive trend seems to be further strengthened in May – based on specific available data related to mobility and financial transactions – with this indicator predicting GDP growth of around 11% per year and 2.4% on a monthly basis, as more sectors of the economy open and uncertainty recedes.
Thus, the updating of the bank’s index based on the latest data indicates a decrease in GDP in the first quarter of 2021 less than 7.5% per year (initial estimate of Ethniki Bank: -9.5% per year – March 2021) following an annual decrease of 7.9 % in the 4th quarter of 2020.
The GDP of the Q1 is now estimated to increase – for the 3rd consecutive quarter – at a rate of 1.0% on a seasonally adjusted quarterly basis.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year
IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock
First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region
Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)
Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.
Alter Ego Ventures Invests in Pioneering Gaming Company ‘Couch Heroes’
Alter Ego Ventures' participation in the share capital of Couch Heroes marks yet another investment by the Alter Ego Media Group in innovative companies with a focus on technology.
Corruption Still Plagues Greece’s Driving Tests
While traffic accidents continue to claim lives on Greek roads daily, irregularities and under-the-table dealings in the training and testing of new drivers remain disturbingly widespread
Pope Francis Died of Stroke and Heart Failure Vatican Confirms
As news of the official cause of death spread, tributes poured in from across the globe. The 1.4 billion-member Catholic Church is united in grief, remembering a pope who championed inclusion, justice, and compassion
Increase in Both Museum Visits, Revenues for 2024
As expected, the Acropolis was the top archeological site in the country, followed by Sounion, Mycenae, the ancient theater of Epidaurus, and Vergina in northern Greece
Where Greece’s Tourists Come From: A Look at 2025’s Top Visitor Markets
The United Kingdom continues to hold the top spot as the largest source of incoming tourism, with 5.6 million seats booked for Greece this summer — up 2.2% from last year. This accounts for 20% of all international air traffic to Greece
![Ξενοδοχεία: Μεγάλο το ενδιαφέρον για επενδύσεις στην Ελλάδα – Η θέση της Αθήνας [γραφήματα]](https://www.ot.gr/wp-content/uploads/2025/03/Athens-hotels-90x90.jpg)
