Greece Economic Outlook
October 26, 2021Following Q2’s solid rebound, the economy likely expanded at a softer, albeit still-strong, pace in the third quarter. Industrial output growth came in above Q2’s average in monthly terms in July–August, hinting at firming private sector activity. On top of this, a multi-year low unemployment rate in the same period will have boosted household spending. Nonetheless, a nearly 10-year high inflation rate in September, amid soaring energy prices, likely capped private consumption growth. Meanwhile, upbeat tourist arrivals in August, according to secondary data, seemingly buoyed the external sector. In other news, on 4 October the government tabled the draft 2022 budget, which sees total spending at EUR 64.3 billion (2021: EUR 70.7 billion). The draft bill rests on a 4.5% growth estimate and a fiscal deficit forecast of 0.9%, highlighting the government’s commitment to fiscal consolidation.
Greece Economic GrowthThe economy is expected to grow at a weaker, albeit still-healthy, rate in 2022, supported by the fading impact of the pandemic, which will allow for undisrupted growth in domestic activity and the recovery of the crucial tourism sector. On top of this, incoming EU funds, with the largest share of the recovery fund to be dispersed in 2022, will further drive investment. FocusEconomics panelists see GDP growing 4.6% in 2022, which is down 0.1 percentage points from last month’s projection. In 2023, the panel sees the economy expanding 3.6%.
Greece Economy Data
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Greece Economic News
October 13, 2021
The number of unemployed workers decreased by 1,035 in August compared to July, while the seasonally-adjusted unemployment rate dropped to 13.9% in August, compared to 14.0% in July.
October 8, 2021
Industrial output grew 10.1% year-on-year in working-day adjusted terms in August (July: +7.8% yoy).
October 1, 2021
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 58.4 in September from 59.3 in August.
September 10, 2021
Industrial output rose 7.8% year-on-year in working-day adjusted terms in July, which followed June's 8.9% increase.
September 7, 2021
GDP bounced back solidly, growing 16.2% in Q2 and contrasting the 2.3% contraction tallied in the first quarter, as the easing Covid-19 restrictions spurred activity.