On Wednesday, ELSTAT will announce the economic growth rate of the economy.
By Chrysostomos Tsoufis
Her Wednesday, September 7the country enters a busy zone of announcements and decisions, lasting 3 days, which will largely determine not only the announcements of the prime minister at the TIF but also the general economic policy of the government such as the fiscal goals.
On Wednesday, ELSTAT will announce the economic growth rate of the economy. Everything shows that the result will be equivalent to the impressive first quarter that closed with 7% (as long as it is not revised). He himself Christos Staikouras stated that the country this year will have if not the highest, one of the highest growth rates in Europe, well above initial estimates. This means that there is additional fiscal space to support households and businesses, which is not unlimited, however.
A day later, the Thursday, the ECB meets and according to analysts, another battle of “doves” and “hawks” is expected for the amount of interest rate increase that should be done. A 50 basis point hike should be taken for granted, but hard-liners want more aggressive policy – ​​as is the case in the US – and are pushing for a 75 basis point hike. The asterisk here is that the steeper the rise in interest rates, the more the growth prospects are hurt.
Her Friday at noon, again ELSTAT will announce the inflation for the month of August with the government of course hoping that the de-escalation will continue and will even fall below 11% after 12.1% in June and 11.6% in July. It goes without saying that the higher the inflation, the greater the need to support the weakest.
From the morning of the same day, the Eurozone energy ministers to determine what measures Europe will take to bring down unsustainable natural gas prices. The recent developments with the indefinite suspension of the supply of natural gas to Europe from Moscow, give the meeting a character of criticality. Yesterday the price of natural gas recorded 284.5€/Mwh, a 31% increase compared to Friday. And with such prices, the state budget is simply impossible to continue to subsidize households and businesses in the way and to the extent that it does now.
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