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
China Hits Back at Trump’s Tariffs with New Trade Restrictions, Agricultural Levies
These new levies further tighten restrictions on U.S. agricultural exports, a critical sector that was already hit hard by Trump’s first-term trade war
Eurostat: Greece’s Inflation at 3% in February – Eurozone at 2.4%
In the eurozone, inflation stood at 2.4% in February, compared to 2.5% the previous month.
U.S. Orders Suspension of Offensive Cyber Operations Against Russia
The suspension of these operations is part of a broader review of U.S. activities concerning Russia, and its duration remains uncertain, The New York Times reported.
Exquisite Bronze Griffin Head Repatriated
The artifact is one of the finest cast-bronze griffin heads in existence according to the Metropolitan Museum of Art
Kites, Carnival, and Reflection: Greece Marks Clean Monday, Lent
First day of Great Lent on the Orthodox calendar - Clean Monday - is celebrated with family gatherings and picnics, with Lenten dishes comprised of seafood, legumes and unleavened bread
Israel Halts Gaza Aid Amid Ceasefire Standoff
Israel has announced a halt to all humanitarian aid entering Gaza
Mitsotakis Acknowledges Tempi Protests, Pledges Reform
Prime Minister Kyriakos Mitsotakis acknowledged the record-breaking demonstrations and national strike about the Tempi tragedy in his weekly social media post.
Report: Greater Athens Office Space in High Demand
In the Athens office sector there are currently plans for new developments with a total area of more than 108,050 sqm
First Meeting in D.C. Between Rubio, Greek FM Gerapetritis
State Dept. spox: Greece is a valued NATO Ally and critical to regional stability
On This Day in History: Chemical Structure of DNA Discovered
The double-helix model revealed how DNA replicates and how genetic information is passed from one generation to the next.
![Airbnb: Στα ύψη οι κρατήσεις το 2025 – Το σήμα που στέλνει η αγορά [γράφημα]](https://www.ot.gr/wp-content/uploads/2024/12/airbnb-1-90x90.jpg)
![Ξενοδοχεία: Πόσες νέες πολυτελείς μονάδες άνοιξαν στην Ελλάδα – Οι περιοχές που πρωταγωνίστησαν [πίνακας]](https://www.ot.gr/wp-content/uploads/2025/03/Mövenpick-Resort-Agios-Nikolaos-Sivota-4-90x90.jpg)
