![UBS sees 7.9% growth for Greece in 2021](https://www.ot.gr/wp-content/uploads/2021/04/UBS1.jpg)
“We raise our GDP forecast for 2021 to 7.9% with strong performance in the second quarter,” says UBS
The economic recovery proceeded much faster than expected in Greece, UBS said in a report, noting that GDP is recording the strongest course in the last 20 years.
The report notes that GDP had fully recovered from the pandemic shock by the second quarter of 2021. It therefore revised its year-on-year forecast from 6.6% to 7.9% in 2021. For 2022 it “sees” growth of 6% compared to a previous forecast of 5%.
According to UBS, the available data show a continuous recovery of activity in the third quarter. Google mobility data show that there was a sharp increase in activity in July, August, and September.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Critical Week for Greece-Cyprus Cable](https://www.ot.gr/wp-content/uploads/2024/07/kalodio_elladas_cyprus_israil.jpeg)
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
![Roberta Metsola Re-elected President of European Parliament](https://www.ot.gr/wp-content/uploads/2024/07/2024-07-16T110250Z_1107936467_RC2BW8AZP0U4_RTRMADP_5_EU-PARLIAMENT-2048x1366-1-600x400.jpg)
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
![ELSTAT: 1.5% Increase in Business Turnover in May 2024](https://www.ot.gr/wp-content/uploads/2024/07/epixeiriseis_2-600x414.jpg)
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
![Cosco: Container Traffic Decline at Piraeus Port Continues](https://www.ot.gr/wp-content/uploads/2024/07/olp1-scaled-1-2048x1312-1-600x384.jpg)
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight