![Hellenic Fiscal Council – The target for 4.5% growth in 2022 is achievable](https://www.ot.gr/wp-content/uploads/2021/10/euro-oikonomia-600x337-1.jpg)
Today, October 4, 2021, the Hellenic Fiscal Council under the chairmanship of Mr. Panagiotis Korliras, in accordance with Law 4270/2014 (article 58, par. 2, as amended by Law 4472/2017, no. 66, par. .2) is evaluating the macroeconomic forecasts adopted in the preliminary draft of the annual State Budget and ascertains the compliance with the limits provided in the “Fiscal Pact” (article 3 of Law 4063/2012).
Evaluation of macroeconomic provisions of the Preliminary Draft
As pointed out in the detailed assessment, there are two elements that play a key role in the macroeconomic forecasts of the State Budget for the year 2022.
(a) The forecast that the immediate negative economic effects of the pandemic crisis will continue to decline during 2022. Consequently, the gradual restart of the economy leads to a strong positive change in GDP in the current year (2021), which will also continue next year (2022).
(b) The estimate that the total investment cost of the economy will rise to high levels as a result, on the one hand of the dynamics of the 2021 recovery, on the other hand of the resources that will flow into the Greek economy from the Recovery and Resilience Fund (RRF).
Based on the above, the most important sources of uncertainty regarding the forecasts for both the year 2021 and the year 2022, in addition to the geopolitical factors, are related to:
• confirmation of positive assessments regarding the evolution of the pandemic,
• developments in the field of energy prices and other productive inputs,
• the smooth and rapid activation of investment support schemes funded by the Recovery and Resilience Fund (RRF),
• possible revisions of data by ELSTAT regarding the GDP growth rate during the current year.
The President of the Hellenic Fiscal Council, Mr. Panagiotis Korliras, stated in this regard: “In 2022, the main source of uncertainty for the Greek economy remains the evolution of the pandemic. However, with the data so far, the situation seems to be manageable and allows us an optimistic view of the Greek economy. Therefore, taking into account the examination of the components of GDP included in this detailed assessment, as the Hellenic Fiscal Council we consider that the target for a rate of change in real GDP of 4.5% in 2022, as reflected in the macroeconomic forecasts of the Preliminary Draft Budget 2022 is achievable and leads us to adopt these forecasts “.
![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
![Cruise Industry Opposes New EU Plan for Piraeus Port](https://www.ot.gr/wp-content/uploads/2024/07/396121953_881827319967534_9198009856198617419_n-1024x793-1024x793-1-1-600x465.jpg)
Cruise Industry Opposes New EU Plan for Piraeus Port
According to the Plan, cruise ship passengers will be transported by shuttle boats from Piraeus port to the Peace and Friendship Stadium (SEF), so that they can then travel to Athens
![Greek State to Reopen 3.875% Bond on Wed.](https://www.ot.gr/wp-content/uploads/2024/07/bonds-2048x1365-1-600x400.jpg)
Greek State to Reopen 3.875% Bond on Wed.
Bond of 3.875% is set to mature on March 12, 2029
![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