
Foundation for Economic & Industrial Research-IOBE maintains many reservations for next year, even forecasting 0% growth for 2023, according to the unfavorable scenario. At the same time, according to what the head of the Institute, Nikos Vettas, said in a press conference a while ago, he estimates that inflation will move slightly below 10% for this year, while in 2022, it will move between 4% and 5% .
Beyond that, IOBE revises upward the forecast for recovery in 2022, to 6% at constant prices, due to stronger expansion of private consumption (8.1%) and exports (12.5%). The forecast for the whole of this year also includes an increase in imports by 13.5% and a milder than previous forecasts strengthening of investments (6.6%). For 2023, IOBE expects a markedly slower annual growth of 1.6% in real terms due to a slowdown in the global economy and sustained inflation and uncertainty. In terms of components, only investment is expected to exceed this year’s performance, with a higher annual expansion in 2023 (10.5%) while consumption is expected to slow (0.6%). Little further deterioration in the current account is expected (from around 7% of GDP this year), with exports and imports growing annually in 2023 by 3.8% and 4.8% respectively.
The rate of change in the CPI in the first nine months of 2022 was particularly high at 10.1%, compared to marginal inflation of 0.2% a year ago. The strong rise is mainly due to the increasing direct effect of energy goods, and the stimulation of domestic demand. IOBE estimates that prices will remain on an upward trajectory this year, in the region of 9.7%, mainly due to the strong rise in energy product prices, but also consumer demand. For 2023, and taking into account the assumptions and trends shaping the prices, it is predicted that the General Consumer Price Index will strengthen in the region of 4.2%.


Latest News

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."

Greece’s Economy Awaits Moody’s Verdict on Investment-Grade Rating
The stock market has reflected strong performance, with the general index showing resilience and a lack of inward-looking caution.

Greek PM Reshuffles Cabinet after No-Confidence Vote
The most notable changes in the Greek cabinet reshuffle include Kostis Hatzidakis being appointed Deputy Prime Minister and Kyriakos Pierrakakis taking over as Minister of National Economy and Finance.

Mitsotakis: Greece-Israel Strategic Ties Increase Stability in East Med
Greek Prime Minister Kyriakos Mitsotakis made the statement in welcoming Israeli Foreign Minister Gideon Sa'ar to his office on Thursday

Conference Tourism in Greece Targets €6-7BLN
Currently, the Greek conference tourism generates €2 billion in revenue, ranking 47th globally in terms of total turnover in the international conference industry

Greece 2nd Last in Employment Prospects in EU: ManpowerGroup Report
Contrary to the global average, Greece’s employment prospects are strongest in the consumer goods and services sector

Greece Returns to Markets Reopening 15- and 30-Year Bonds
Pricing of the new bonds is expected to be finalized today, March 13, with settlement anticipated on March 20

Research in Greece : Wasted Talent, Missed Opportunities
The symposium made one thing clear: Greece possesses the intellectual capital to compete globally, but without decisive policy reforms, its research potential will continue to be squandered.

Greek Education Ministry to Launch Free Audiobook App eVivlio
The eVivlio app offers free access to audiobooks by Greek and international authors, narrated by well-known actors.