IOBE resorts to upward revision of growth
Greece’s economy will grow by 3.5% to 4% this year, according to the quarterly report of the Foundation for Economic and Industrial Research (IOBE).
It is noted that the previous estimate spoke of growth of 2.5% to 3% this year.
Inflation is expected to move to 9-9.6%, as IOBE estimates that the war in Ukraine will continue for most of the second half of 2022 and may not end this year, causing oil prices to record this year a 50-55% increase.
Private consumption will increase by 3-4%, as the extensive measures to support households and businesses against the energy crisis will largely make up for last year’s pandemic measures.
IOBE’s forecasts speak of a possible new outbreak of the pandemic from the end of summer to the beginning of the fall, but without any general restrictions imposed.
Tourism traffic is expected to show an increase compared to what was predicted at the beginning of the war, with tourism revenues at 90% of 2019 levels.
