What the European Bank for Reconstruction and Development says in its latest report on the prospects of the countries it finances.
Growth of 2.4% this year and 2.6% in 2025 is predicted for the Greek economy by the European Bank for Reconstruction and Development (EBRD), in the latest report on the prospects of the countries it finances.
“Greece’s economic performance remained strong in 2024 as GDP grew by 2.1% on an annualized basis in the first quarter and 2.3% in the second quarter, boosted by private consumption and fixed capital investment,” the report notes.
Greece is on track for another strong tourism season in 2024, possibly surpassing last year’s record performance. Tourist arrivals increased by 15.5% in the first half of 2024 compared to the corresponding period in 2023.
The conditions in labor market they also continued to improve in the first half of 2024, as the unemployment rate fell to 9.6% in June, a 15-year low.
“The budget, which returned to primary surpluses in 2023, recorded a surplus of 0.9% of GDP in the first five months of 2024, slightly higher than 0.6% in the corresponding period last year, due to higher tax revenues,” notes the EBRD.
For the public debts states that “it amounted to 161.9% of GDP at the end of 2023, remaining the highest in Europebut further decreased in this year due to the high growth of the nominal GDP and the primary fiscal surplus”.
THE inflation it further declined in the first half of 2024 (to 3% y/y on average), but its core remained relatively high and persistent (3.3% in June 2024).
Good progress has been made, the report says, in implementing projects financed by the Recovery and Resilience Fund (RESF), mitigating downside risks arising from global and regional turbulence, weaknesses in key export markets, as well as disasters due to in climate change.
By July 2024, Greece had received 14.9 billion. EUR from the TAA (41% of the total amount available of EUR 36 billion), which is higher than the EU average in terms of absorption.
“Therefore, the overall short-term macroeconomic outlook remains positive, with growth forecast at 2.4% in 2024 and 2.6% in 2025,” the EBRD report concludes.
Source: Skai
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