Greece Economic Outlook
December 23, 2021Following Q2’s robust rebound, GDP expanded at a somewhat softer, albeit still-solid, pace in Q3, largely benefiting from an upbeat external sector amid the country’s peak tourist season. Domestically, capital spending grew at a faster pace as easing concerns over the pandemic spurred investment, while household consumption lost steam. Turning to Q4, activity growth should have moderated further. A rising unemployment rate at the outset of the quarter, coupled with still-strong pessimism among consumers and high price pressures in October–November, bodes ill for household spending. However, the government’s recent announcement of new measures to counter the impact of elevated inflation for households and businesses should somewhat ease the burden. Meanwhile, tighter entry restrictions from 19 December are likely to hamper tourist inflows and weigh on the external sector in turn.
Greece Economic GrowthAlthough GDP is seen expanding at a softer pace next year, partly due to a less favorable base effect, strong household spending, amid easing Covid-19 curbs and a tighter labor market, will sustain growth. Meanwhile, progressing vaccination rates globally will support the crucial tourism sector. The spread of the Omicron variant is a key factor to watch. FocusEconomics panelists see GDP growing 4.4% in 2022, which is unchanged from last month’s projection. In 2023, the panel sees the economy expanding 3.5%.
Greece Economy Data
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|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Greece Economic News
January 19, 2022
The number of unemployed workers increased by 3,551 in November, compared to October, while the seasonally-adjusted unemployment rate edged down to 13.3% from 13.4% in October.
January 10, 2022
Industrial output expanded 8.0% in annual and working-day adjusted terms in November, slowing down from the 16.5% increase tallied in the previous month.
January 3, 2022
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 59.0 in December, slightly above November’s 58.8.
December 15, 2021
The number of unemployed workers decreased by 5,994 in October, compared to September, while the seasonally-adjusted unemployment rate edged up to 13.3% from 13.0% in September.
December 10, 2021
Industrial output expanded a robust 16.5% in annual and working-day adjusted terms in October, accelerating from September’s 9.9% increase and logging the highest result in five months.