greek economy

Therefore, there is need for policy interventions in order to boost demand, stabilize the labor market and support industrial production.

By 2026, the reduction in public debt is expected to bring it close to 140% of GDP.

The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.

Meanwhile, Greece has announced an early repayment of the Greek Loan Facility, aiming to reduce public debt by the end of the year.

Fitch is expected to release its evaluation of the Greek economy on Nov. 22, with a possible scenario being an upgrade of the economy from “stable” to “positive”

The Minister of National economy and Finance, Kostis Hatzidakis, highlighted that the IRIS system is a priority, stating that 3.3 million IBANs are already connected with IRIS.

Once at risk of default, Greece has made notable progress in debt reduction over the past few years

Major issues that are expected to intensify if not addressed, include the high current account deficit, the substantial investment gap, low productivity, and the question of long-term growth.

Additionally, a 300 million euro Guarantee Fund will be created with the European Investment Bank, leading to 1.5 billion euros in leverage

Moody’s took a “stricter” stance compared to the other agencies when in Sept. of 2023 it refused to grant Greece the investment grade.

Last April’s positive outlook issued by the agency lays the groundwork for another potential upgrade.

GDP at constant prices reached €196.984 billion in 2023, up from €192.495 billion in 2022, ELSTAT said

The economic climate index stood at 110.2 points in September, compared to 106.1 points the previous month and 106.8 points a year ago, according to IOBE.

Under Fitch’s baseline scenario, it projects that the public debt-to-GDP ratio will decrease by more than 50 percentage points by 2026

A report by the Athens-based Institute for Alternative Policies (ENA) counters the government’s narrative, saying Greece is last in the EU in terms of investments per GDP percentage

The largest decrease was recorded in the agriculture, forestry, and fishing sectors, at 4.4%. Retail trade also showed a decrease of 0.7%

Yannis Stournaras addressed the 'Risk Management & Compliance Conference' as a keynote speaker on Monday

The economy is expected to close this year with growth at around 2.2%, while for 2025, the target is slightly higher at 2.3% as outline in the medium-term fiscal plan.

A major issue of concern is how the Israel-Iran conflict will play out with pundits projecting a surge in oil prices.

In its report, UBS posits that Greece is on course to achieve a 2.5% GDP forecast in 2024, notwithstanding weak Eurozone indicators such as the purchasing managers index (PMI), and Income from operations (IFO).