Greece Economic Outlook
May 31, 2022Output growth was likely resilient in the first quarter of this year. The services sector benefited from an improving labor market and reduced Covid restrictions while industrial output grew at the fastest pace in 16 months in March. That said, the manufacturing PMI dipped to an 11-month low in March, as the fallout from the Russia-Ukraine war hit sentiment. Moreover, consumer confidence worsened during the quarter amid soaring prices, which could have limited private consumption. In Q2, the economy is likely losing steam. In April, consumer confidence continued to worsen and inflation rose to the highest level in 27 years, which is likely tempering private spending. However, the manufacturing PMI improved slightly in April. Meanwhile, in early May, Greece removed virtually all remaining Covid-19 restrictions, which should help spur the tourism industry heading into the summer season.
Greece Economic GrowthGDP growth is forecast to cool this year, partly due to deteriorating external demand and soaring inflation. That said, EU financial support for Greece is amongst the largest in the EU, which should support output. Additionally, a restriction-free tourism season bodes well for activity. High public debt and poor tax collection capabilities remain key downside risks. FocusEconomics panelists see GDP growing 3.2% in 2022, which is down 0.2 percentage points from last month’s projection. In 2023, the panel sees the economy expanding 3.5%.
Greece Economy Data
5 years of Greece economic forecasts for more than 30 economic indicators.
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|Bond Yield||1.91||0.76 %||Jan 01|
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Greece Economic News
September 14, 2022
July’s data pointed to a deterioration in the labor market.
September 9, 2022
Industrial production increased 7.0% year on year in working-day adjusted terms in July (June: +8.9% yoy).
September 7, 2022
GDP growth slowed to 7.7% seasonally adjusted year on year in the second quarter, from 8.0% in the first quarter.
September 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 in August from July's 49.1.
August 10, 2022
June’s data pointed to a large improvement in the labor market.