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
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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 18, 2023
Harmonized inflation came in at 7.6% in December, down from November’s 8.8%.
January 10, 2023
Industrial output dropped 0.9% year on year in working-day adjusted terms in November, which was above October's 2.7% decrease.
January 10, 2023
November’s data pointed to an improvement in the labor market.
January 2, 2023
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 47.2 in December, down from November's 48.4.
December 19, 2022
Harmonized inflation eased to 8.8% in November from October’s 9.5%.