Growth in Greece is forecast to remain above the Eurozone and EU average in 2023, 2024 and 2025, according to the European Commission’s autumn economic forecasts published today.

Specifically, for Greece, the Commission predicts growth of 2.4% in 2023, 2.3% in 2024 and 2.2% in 2025.

For the eurozone, the Commission forecasts growth of 0.6% in 2023, 1.2% in 2024 and 1.6% in 2025, compared to growth in the EU of 0.6% in 2023, 1.3% in 2024 and 1.7% in 2025.

It is noted that the Commission’s forecasts for the growth of the Greek economy is revised upwards for 2024, compared to that of May (1.9% was the forecast for 2024), while the forecast for 2023 has not changed – it remains at 2.4%.

Regarding inflation, the Commission estimates that in Greece it will be 4.3% in 2023 and predicts that it will decrease to 2.8% in 2024 and 2.1% in 2025. For the eurozone, the Commission estimates that inflation will be 5.6% in 2023 and forecasts that it will decrease to 3.2% in 2024 and 2.2% in 2025. In the EU, inflation is forecast to close at 6, 5% in 2023 and to decrease to 3.5% in 2024 and to 2.4% in 2025.

Greece’s general government deficit is projected to reach -2.3% of GDP in 2023, with a primary surplus of 1.1% of GDP, from 0.1% in 2022. In 2024, the general government deficit is projected to decrease to -0.9% of GDP and to -0.8 in 2025.

In the eurozone, the fiscal deficit expected to average -3.2% of GDP, in 2023 and is predicted to decrease to -2.8% of GDP in 2024 and to -2.7% of GDP in 2025.

The ratio of public debt to GDP is expected for Greece to decrease from 160.9% of GDP in 2023, to 151.9% in 2024 and to 147.9% in 2025.

In the eurozone, the debt-to-GDP ratio is expected to decrease from 90.4% in 2023 to 89.7% in 2024 and to 89.5% in 2025.