The European Bank for Reconstruction and Development (EBRD) raised its outlook for Greek economic growth in its latest report, the “Regional Economic Prospects, May 2024,” with short-term prospects remaining positive, as it estimates growth expected to accelerate to 2.3% in 2024 and 2.6% in 2025, up from 2% in 2023.
The report notes that following a strong post-Covid recovery in 2021 and 2022, GDP grew by just 2 percent in 2023, though still significantly outperforming the euro area average.
Both private and public consumption grew by close to 2 percent, gross fixed capital formation was up by 4 percent, and exports of goods and services rose by 3.7 percent, exceeding import growth (2.1 percent).
Tourist arrivals and receipts increased substantially in 2023, exceeding pre-Covid-19 levels. Confidence indicators also started moving in the right direction, while easing energy prices helped disinflation in 2023.
Headline annual inflation was 3.5 percent in the last quarter of 2023, having reached double-digit rates in 2022. In addition, Greece returned to investment grade credit rating during 2023 for three out of the four main Rating agencies.
The budget recorded a primary surplus of 1.9 percent of GDP in 2023 and the fiscal outlook is assessed to be in line with the provisions of the existing Stability and Growth Pact, reactivated as of 2024.
Economic confidence is steadily improving, with the Purchasing Managers Index (PMI) on an upward trend in the first quarter of 2024 (56.9 in March 2024, the highest level since February 2022), and the Economic Sentiment Indicator (ESI) reaching a 7-month high (108.4 in March 2024).
Both indicators remain at relatively high levels compared to the euro area. Good progress has been made in implementing projects funded by the Recovery and Resilience Facility (RRF), mitigating the downside risks coming from global and regional turbulence, as well as climate-related disasters.
The overall short-term outlook therefore remains positive, with growth expected to pick up to 2.3 percent in 2024 and 2.6 percent in 2025. Key downside risks remain, associated with possible delays in deploying Recovery and Resilience Facility (RRF) funds and weaknesses in key export markets and tourism source countries.
Source: tovima.com
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted
![Τουρισμός: Πάνω από 5 εκατ. αφίξεις σε καταλύματα τον Σεπτέμβριο [γραφήματα]](https://www.ot.gr/wp-content/uploads/2021/10/katalymata-90x90.jpg)
