BoG: Greek GDP growth in 2022 at 6.2%

The Bank of Greece (BoG) on Thursday forecast that GDP growth in the country will reach 6.2 percent for the ongoing year, with the annualized rate of increase slightly slowed from the 7.8-percent pace in the first half of 2020, yoy.

The forecast was included in the published “Financial Stability Review: November 2022”.

At the same time, Greece’s central bank cited the intensity and persistence of imported inflationary pressures, a deteriorating economic outlook, a heightened risk of an abrupt re-pricing of assets in international money and capital markets, as well as rises in Greek government bond yields, as contributing to increased risks to financial stability.

On a more upbeat note, the BoG said banking sector profitability and asset quality continued to improve in H1 2022, and was further boosted by a significant reduction in NPLs to single-digit “territory” reported by all four systemic lenders, primarily using the Hellenic Asset Protection Scheme (HAPS).

The full review can be found here