Citibank revises, upwards, forecast for Greek GDP growth in 2021, to 5.3% from 4.1%; lowers forecast for 2022

Citibank on Wednesday revised its forecast for Greece’s GDP growth in 2021, raising it to 5.3 percent, up from a previous forecast of 4.1 percent.

At the same time, the international investment bank revised, this time downwards, its forecast for 2022, pointing to Greek GDP growth of 5 percent next year, instead of 6.5 percent.

The forecasts were included in Citibank’s latest month report on the global economy.

The more ambitious forecast for this year is based on an assumption of higher travel remittances, than in 2020.

Citibank also noted that the despite the heavy dependence of the Greek economy on tourism, which was drastically affected in 2020 from the pandemic, the commensurate fall in GDP was in large part similar to decreases reported in the rest of Europe, owing to the resilience in domestic demand. The latter is expected to increase by 2.1 percent in 2021; 4.6 percent in 2022.