EBRD sees Greek growth at 2.4% this year
The Greek economy is expected to grow by 2.4% this year and by 2.3% in 2023, the European Bank for Reconstruction and Development (EBRD) said in its latest forecasts, which were unchanged from its previous forecasts in May.
“The implementation of investment plans, funded with loans and grants from the Recovery and Resilience Fund, is progressing smoothly, limiting any risks from a global and regional turbulence,” EBRD said in a report.
The bank noted that Greece is in orbit for a new record in tourism this year, with economic confidence improving steadily, the PMI index rising to 52.9 points in August and the economic sentiment index rising to a 17-month high (111.7 points in August).
Unemployment continued falling to 10.8% in July, annual inflation fell to 2.5% in July (harmonized index), while the state budget recorded a small primary surplus in 2022 and is expected to record a bigger surplus this year.
The Greek public debt remains the highest in Europe (as a percentage of GDP) but fell significantly in the last two years, from 200% of GDP in 2020 to around 170% in 2022.
EBRD noted there were some concerns over the current account deficit (9.7% of GDP in 2022), although exports grew 8.9% in the first quarter of 2023.
