![OECD – Forecasts growth of 6.7% this year and 4.8% for next year for Greece](https://www.ot.gr/wp-content/uploads/2021/10/anapt-768x492-1.jpg)
The Organization for Economic Co-operation and Development (OECD) expects growth of the Greek economy at 6.7% for 2021 and 4.8% for 2022, publishing the revised analysis of December, with a simultaneous rise in inflation to 3.1% next year
Strong growth, according to the Agency, is projected as the improved business climate and the national recovery plan boost incomes and investments, while government support will continue – to a limited extent – to support incomes and consumption in 2022, with a further impetus given by the 2% increase in the minimum wage from the beginning of the new year. Exports will be boosted by the recovery of global demand and global tourism.
Investment and private consumption are expected to accelerate in 2022, recording an increase of 17.3% and 4.4%, respectively, from 14% and 2.1% this year. Exports of goods and services are expected to grow 14.2% this year and 13% next year.
Unemployment and tourism
Unemployment is estimated to fall to 14.6% this year from 16.3% last year, while it is expected to decline significantly in 2022 to 12.9%.
A key risk, according to the OECD, is that deteriorating health conditions will lead to new travel restrictions and limit the recovery of tourism.
Coronavirus and death rates in Greece after July this year are higher than most other OECD countries, reflecting the lowest vaccination rates, with 61.5% of the population fully vaccinated in October, the report said, adding that Recent measures may encourage more vaccinations.
Inflation at 3.1% in 2022
The OECD says inflation expectations are rising and since mid-2021 are above the average of recent years in manufacturing, construction and retail, but notes that price increases are likely to be limited by slow production capacity. The harmonized index of consumer prices is projected to reach 3.1% in 2022 at average levels compared to 0.4% this year and structural inflation – which does not take into account the prices of food, energy, alcohol and tobacco – to reach 1.9% from -1.2%, respectively.
![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