greek economy

Key downside risks remain, associated with possible delays in deploying Recovery and Resilience Facility (RRF) funds and weaknesses in key export markets and tourism source countries

Goldman Sachs sees an upgrade of the Greek stock market

Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.

Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%

Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook, whereas natural disasters partially attributed to climate change, such as major wildfires and unprecedented flooding, are straining state finances

Projected consumer prices are forecast to rise by 2.7%

Gentiloni praised the Greek PM for the "economic success story"

General inflation is expected to further decline in 2024 to 2.8%

The shortages are due to a combination of factors including the annual hunt for seasonal employees at the start of the tourist season, persistent skills gaps in the IT sector, and a shortage of hands in Greece's booming construction industry.

The French bank recommends a long position in Greek bonds against Belgian ones

In 2021, the accommodation and food services sector in the EU witnessed the operation of 1.9 million enterprises, accounting for 6.1% of all enterprises in the business economy.

The increase in private consumption accelerated faster than anticipated, rising by 1.4% quarterly in the last quarter of 2023, while exports also provided an upward surprise, recording a 0.4% increase

Greeks’ purchasing power is under pressure, ranking 26th among 27 EU member states.

According to the Bank of Greece corporate deposits decreased by 912mln euros, compared to a 3.167bln euros decrease the previous month

The drop follows a significant uptick in the ESI in the second half of 2022 (69.5 units) and a slight decline in the first half of 2023 (66.7 units).

BofA projects growth of 1.1% in 2024 and 1.7% in 2025, compared to forecasts for eurozone growth at 0.4%/1.1%, respectively

"We are determined to continue, more or less, in the same way, proceeding with all necessary structural reforms, sending the message that this country is investment-friendly," Mr. Hatzidakis said

Greece's central bank said the total value of these types of loans decreased to 69.46 billion euros by the fourth quarter of 2023, down from 71.18 billion euros in the previous quarter

Investments and private consumption are expected to be the key drivers of economic activity in the coming years

However, despite this decline, the general index showed a positive trajectory, surging by 1.7% in January 2024 compared to December 2023