Staikouras: “The Greek economy not only endures, but is getting stronger”

“In one of the most difficult and tumultuous periods of modern world history, the Greek economy not only endures, but is strengthened, even presenting favorable prospects, given of course the significant challenges of the time.” This was stated by Finance Minister Christos Staikouras, commenting the data of ELSTAT for GDP in the second quarter of this year and pointed out that, after the new development, GDP growth in the whole of 2022 will be higher than the initial estimates. He added that the priority of the economic policy is “dealing with the energy crisis and its effects, so that we can overcome this test and continue on the path of high and sustainable growth, the creation of many well-paid new jobs and the strengthening of social cohesion”.

Specifically, the minister stated the following:

“Today, ELSTAT published the provisional data on the course of the Greek economy during the second quarter of 2022. Data showing that Greece’s GDP increased impressively, by 7.7% compared to the corresponding quarter last year – almost twice as much of the eurozone average, which is 4.1%. In fact, in terms of volume, the GDP of the second quarter of this year was at the highest level since 2011.

Thus, for the first half of 2022, after the upward revision of the first quarter, the growth rate is now over 7.5%.

This significantly positive development confirms that the Greek economy, after the strong recovery of 2021, maintains its growth potential, projecting strong resistance to the strong pressures from the energy crisis and high inflation. Resistance which, as internationally recognized, is due to the correct, responsible and effective economic policy of the government.

The performance recorded by the Greek economy in the first half of 2022, combined with the positive – at record levels – course of investments and exports during the same period, but also the recent rise shown by economic indicators and figures, such as the industrial production, travel receipts and the use of electronic transactions, suggest that GDP growth, as a whole this year, will be higher than initial estimates. And significantly higher than the European average.

It therefore proves that in one of the most difficult and turbulent periods of modern world history, the Greek economy not only endures, but is strengthened, even presenting favorable prospects, given of course the significant challenges of the time.

As a government we are fully aware of these challenges and the uncertainty they create and we fully sympathize with the anxieties of our fellow citizens. That is why our priority is to deal with the energy crisis and its effects, so that we can overcome this test and continue on the path of high and sustainable growth, the creation of many well-paid new jobs and the strengthening of social cohesion ».

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