UBS on Thursday released various economic forecasts for national economies and the global situation, the “UBS World at a Glance” report, pegging Greek GDP growth in 2022 at 4 percent.
The international investment bank cited a “lower statistical carry-over, soft high frequency data in Q1 so far and a much faster rise in inflation in 2022 – led by energy and food prices”.
Nevertheless, UBS said Greece had a very strong start to the tourism season, pointing to revenues increasing by 340 percent, y/y, in the first quarter.
The report adds: “Household spending should benefit from the government support measures related to energy prices (2.2 percent of GDP), sustained job gains (employment up 14 percent y/y) and the second minimum wage hike (combined 9.7 percent since January). In addition, Greece received EUR 3.6bn from the RRF on 8 April (after EUR 4bn in August 2021). The government expects a -2 percent of GDP primary budget deficit in 2022 and the primary budget deficit in January-April 2022 reached only EUR -0.8bn (-0.4 percent of GDP), or EUR 1.7bn better than planned (revenues better, spending lower).”
Latest News
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
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
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
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
The international ratings firm raised Greece to investment grade in early August 2023
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
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country