Rating agency analysts and Greek economists are predicting growth above 5% in Greece this year, after the strong second-quarter data, while expecting the nominal GDP rise to bring the Greek debt ratio below 170%.
They point out that although the economy will be significantly boosted by tourism, the high rates of the first two quarters will be difficult to maintain due to the deepening energy crisis, with the economy expected to slow down significantly in the fourth quarter and in 2023.
ELSTAT said on Wednesday the economy recorded growth of 7.7% on an annual basis in Q2, while Q1 growth was revised upward, from 7% to 8% on an annual basis. Based on this, the growth rate for the first half of 2022 is set at 7.8% per year, while for the whole year it is expected to move much higher than the government’s predicted 3.1%.
Finance Minister Christos Staikouras noted that “the performance recorded by the Greek economy in the first half of 2022, combined with the record course of investments and exports during the same period, but also the recent uptick in economic indicators and metrics such as industrial production, travel receipts and the use of electronic transactions, suggest that GDP growth this year will be above initial estimates.”