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Tag Archives: Economy

Greece’s economy grows 2.8% in Q3 2022

The Greek economy grew by 2.8% in the third quarter of the year compared with the same period in 2021, but fell by 0.5% on a quarterly basis compared with the second quarter, the Greek Statistics Authority ELSTAT said on Wednesday. On a quarterly basis, the country’s Gross Domestic Product …

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Greece 2023 Budget projections: 5% Inflation, 1.8% Growth

Greece’s economy is projected to grow by 1.8% next year, according to the country’s 2023 budget, slightly lower than the figures predicted last month as higher energy costs and inflation take a toll. The final 2023 budget submitted to parliament on Monday is the first Greece has posted in 12 …

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Economic sentiment in Greece declines in October

The economic sentiment index plunged to 98.3 points in October, from 104.9 in September, as the end of the tourism season (meaning lower employment and income), combined with the high inflation generated pessimism in both businesses and households. Signs from the purchasing managers’ index (PMI) in manufacturing are far from …

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Greece’s economy grew by 7.7% in Q2, says ELSTAT

The Gross Domestic Product (GDP) increased by 1.2% in the second quarter of 2022 in comparison with the first quarter of the year, while in comparison with the second quarter of 2021, it increased by 7.7%, according to the Hellenic Statistical Authority ELSTAT on Wednesday. Growth rates of major macroeconomic …

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EU Commission, Eurogroup end enhanced surveillance for Greece

The European Commission proposed at the Eurogroup meeting on Thursday to end the enhanced surveillance of Greece on 20 August 2022, when this program ends and not to prolong it. The decision was taken “given the successful delivery of the bulk of Greece’s policy commitments.” A 12-year-long era ends on …

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EU Commission revises forecasts for Greece’s economy downwards to 3.5%

The European Commission has revised its forecasts for the Greek economy downwards, envisaging a GDP growth of 3.5% in 2022 and 3.1% in 2023, from 4.9% and 3.5% respectively in its winter forecasts made in last February. On Monday, the Commission released its spring 2022 report on economic growth in …

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Bank of Greece cuts its forecast for economic growth to 3.8% in 2022

The Bank of Greece cut its forecast for economic growth to 3.8% this year from 4.8% earlier, and raised its forecast for the inflation rate to 5.2% under the base scenario, in its annual report released on Thursday. The report, presented by Yannis Stournaras, the central banker, also said that …

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Greek economy to grow faster than expected, says Bank of Greece

The Greek economy will grow faster than the expected average rate of 2% in the next decade because of specific reasons, the Bank of Greece’s governor Yannis Stournaras said on Wednesday. Addressing an EIB’s event in Athens, the Greek central banker said these reasons were: the unusually high private sector …

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Greece’s economy grew by 8.5% in 2021, up by 4.9% in 2022, says EU Commission report

The Greek economy is expected to grow by 8.5% in 2021, 4.9% in 2022 and 3.5% in 2023, the European Commission said in its winter economic forecast report released on Thursday, revising upwards its earlier forecast of a growth rate of 7.1% in 2021 and slightly downwards its forecast for …

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Greece’s economy contracted by 9.0 percent in 2020, deeper than estimate

The Greek economy contracted by 9.0 percent last year, deeper than an 8.2-percent estimate made in March. The country’s  GDP reached 167.077 billion euros, from 183.640 billion in 2019, the Greek Statistical Authority said on Friday. More specifically, final consumption spending fell 5.5 pct (household consumption down 8 pct and …

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Greek economy grows 16.2% in Q2 2021, compared Q2 2020, says ELSTAT

The Greek economy grew by 16.2 percent in the second quarter of 2021 compared with the same period last year, with the country’s GDP rising 3.4% compared with the first quarter of the year, led by consumption, private investments and exports, Greek Statistics Authority ELSTAT said on Tuesday. The Greek …

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Commission Vice Vestager: Greece may have highest growth rate in Eurozone

“Greece may be the country with the highest growth rate in the eurozone next year,” Margrethe Vestager, Executive Vice-President of the European Commission for a Europe fit for the Digital Age said on Friday during a meeting with Prime Minister Kyriakos Mitsotakis, at the Maximos Mansion. “Both the management of …

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Greek economy to grow by 3.5%-4.0% this year, says Greek think tank IOBE

The Greek economy will grow by 3.5-4.0 percent this year, according to the base scenario of developments, the Foundation for Economic and Industrial Research (IOBE) said in report. The quarterly report, released on Tuesday, said that if the pandemic eased at a slower pace, hitting the tourist season, and if …

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Greece’s rough roadmap for gradual lockdown lifting

The Committee of epidemiologists and other health experts advising the Greek government will hold an extraordinary meeting on Wednesday, March 17, to assess the epidemiological situation and to consider when and how the lockdown restrictions will be lifted. The prolonged lockdown, in the 4.5th month now, has increased citizens’ fatigue …

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Greek Gov’t announces relief package for pandemic-hit businesses worth €2.5 billion

The Greek government announced a package of new economic support measures worth 2.5 billion euros. The new package will relief more than 500,000 businesses, freelancers and workers, the Prime Minister said. The government will allocate an additional 2.5 billion euros to support employees and businesses, which are added to the …

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Parliament Budget Office: Pandemic 2. wave intensifies risks for the economy

The Budget Office of the Greek Parliament said in a report released on Tuesday that the negative repercussions of the pandemic remain manageable in the short-term but the second wave of the pandemic intensifies the uncertainty and medium-term risks for the economy. In the medium-term, positive economic prospects are based …

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