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Tag Archives: growth

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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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 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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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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Bank of Greece governor predicts GDP growth over 6% in 2021

Bank of Greece governor Yannis Stournaras appeared even more optimistic about the future of the Greek economy than the government in an interview with Politico on Tuesday. Stournaras estimated that GDP growth in 2021 will exceed 6 percent. In fact, he predicted that the country’s GDP at the end 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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Investment spending in Greece fell 6.9% in 2020, to grow by 2.8% in 2021

Investment spending in the manufacturing sector fell 6.9% in 2020 compared with the previous year, the Foundation for Economic and Industrial Research (IOBE) said in a report on Monday. The survey on industrial investments in the period October-November 2020 showed that investment spending in the manufacturing sector is expected to …

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IMF on Greece: Weak recovery in 2021, unemployment 20%, primary surpluses from 2022

Greece will return to primary surpluses from 2022 after reporting higher primary deficits and public debts in 2020, the International Monetary Fund said its Fiscal Monitor report released on Wednesday. The IMF based its 2020 forecasts on the belief that political interventions to manage the pandemic have led to a …

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Greece’s draft budget: Economy to grow by 7.5% in 2021, shrink by 8.2% in 2020

Greece’s economy will contract by an estimated 8.2% this year due to the effects of the coronavirus pandemic before picking up next year, the government said Monday as it submitted its 2021 draft budget to parliament. The 2021 budget was “drawn up in an environment of unprecedented uncertainty, due to …

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“Pissarides draft report”: 14 proposals for Greece’s development policy

The Greek government released for public consultation on Monday the preliminary draft of the road map for the development of the Greek economy prepared by the “Pissarides Commission.” Main goal is to boost productivity, increase exports, better connect production with technology and innovation, and support labor. He stressed that several …

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EU Commission projects recession in Greece at 9% in 2020

The Greek economy is projected to contract by 9% this year and to grow by 6% in 2021, the European Commission said in its Summer Economic Forecast report released on Tuesday. The EU executive said that Greece’s GDP declined by 1.6 pct in a quarterly basis in the first quarter …

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Bank of Greece sees zero growth in 2020 due to conoravirus

The Greek economy will fall to zero growth this year while it will show a significant divergence from fiscal targets for the year, the Bank of Greece said in its annual report on the Greek economy, presented on Friday. The report noted that the smooth course of the economy was …

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Greece’s economy recorded growth of 1.9% in 2019

Greece’s economy grew by 1.9% in 2019, with the country’s Gross Domestic Product totaling 194.4 billion euros from 190.8 billion in 2018, Hellenic Statistical Authority said on Friday. The statistics service, in a report, said that Greek GDP fell 0.7 pct in the fourth quarter of 2019 from the third …

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“Greece on growth trajectory, great potential for global investors,” says PM

Greek Prime Minister Kyriakos Mitsotakis has hailed the historicrecord-breaking yield for the 10-year bond, yield that fell below 1 percent on Wednesday. In a tweet on the his prime minister’s account, Mitsotakis said that “Greece is now on a growth trajectory,” making the country a “great opportunity for global investors.” …

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EU Commission warns Greece relief measures “a risk for agreed primary surplus”

The European Commission released the European Semester 2019 Spring Package with recommendations for all Member States in order to advance sustainable and inclusive economic growth. On its 7-page long report on Greece, the Commission notes that “Greece is currently in the preventive arm of the Stability and Growth Pact and …

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Tourism growth over last 4 years helped Greece exit bailout agreements, says…

Tourism growth in the last four years has helped Greece exit the bailout agreements, said Tourism Minister Elena Kountoura. Tourism has attracted more than 400 investment projects, she added. Speaking to state news agency amna, Kountoura said “This great tourist development with growth over 35 percent in the last four …

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