Growth of more than 4% can be achieved this year by the Greek economy under certain conditions, the deputy governor of the Bank of Greece and professor of the University of Piraeus, Theodoros Pelagidis, said in an interview with public broadcaster ERT.
The necessary conditions he identified were scotching election rumors and also rumormongering over the possibility of an energy blackout. This risk assessment is unfounded, he said characteristically, but it is sapping growth, because it can slow down spending, especially consumer spending which continues to support the Greek economy.
According to Mr. Pelagidis GDP growth rate could offer pleasant surprises if tourism over-performs this year, reaching 20 billion euros in annual revenue.
Inflation
When asked about the significant difference between the 12% of Greek inflation and the 8% of the Eurozone, the deputy governor of the Bank of Greece emphasized that this is mainly due to increased domestic spending.
Read also: Inflation hits 12.1% in June
He also emphasized that deposits, which have increased by more than 40 billion since 2019, continue to have a positive growth sign in 2022, resulting in total deposits of around 180 billion.
Finally, he ruled out stagflation for the Greek economy as it is supported for the next few years with European capital, while tourism revenues are and will continue to be strong and rising.
Debt and interest rates
Regarding the public debt, he emphasized that it can fall below 180 percent of GDP this year and that there is no problem in the financing of the State. However, he pointed out that the financing of the private sector will suffer due to the expected interest rate hikes of the ECB.
Regarding the deficit in the current account balance, he said that great care is needed so that it does not exceed 6-7% of GDP, but he noted that will be covered by foreign direct investments that exceeded 3 billion in Q1 2022, while the investment portfolios of non-residents exceeded 2.6 billion for the same period.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Greece to Proceed with Issuance of 10-Year Bond
Regarding Greece's public debt the Agency forecasts that it will continue its downward trend, recording a total reduction of around 56%.
Labor Shortage in Greece: Vacant Job Positions Costing the Economy Millions
Data show that specific sectors are facing particular challenges in filling job positions, with the primary sector struggling to find working hands.
e-EFKA: “Thaleia” Answers Policyholders’ Questions
It is a service provided by the organization, aimed at enhancing the experience for individuals with special needs.
PM Mitsotakis Outlines 2025 Goals for Growth and National Interests
"The government’s work will remain intense and multifaceted, so that day by day, something changes and the lives of all citizens become better," the prime minister stated
Tender for Repairs on Athens Olympic Stadium’s (OAKA) Iconic Roof
Tender for OAKA project, which is expected to exceed 78 million euros, stipulates that repairs, maintenance must be conducted while venue remains open for events
Louis-Dreyfus Family Eyes 21% Stake in Thessaloniki Port
The newly created Amsterdam-based LeonidsPort company has submitted a voluntary public offer for 21%
EUIPO Throws Out Turkaegean Trademark
The trademark had been filed by the Türkiye Tourism Promotion and Development Agency (TGA) in 2021 and immediately generated heated opposition by Athens
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
Greece’s Trade Deficit Surges by 18.7% in Nov. 2024
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023.
Installing EV Chargers in Your Building is Harder than You Think
So, you just bought an EV in Greece and can’t wait to set up a charger in your apartment building’s parking space? Not so fast—there are a few hurdles you’ll need to clear first.
