Budget: Growth Higher Than 5.3% in 2022, around 2% in 2023

November 6, 2022

ATHENS – The estimates for the 2023 budget figures are expected to be finalised over the following days with the main characteristic being the liquidity that exists in the international economic and political environment. It seems that despite the difficulties, Greece will maintain the positive momentum, while the GDP growth for 2022 will significantly exceed the initial forecasts.

According to the draft budget, Greece’s growth was expected to be around 5.3 pct. Banking officials, however, estimated that the GDP growth for this year would be above 6 pct.

Next Friday, November 11, the European Commission is expected to announce its estimates on how a series of important variables will move in the next year, which will be able to compose the final estimate for the course of the economy. These variables relate to the course of energy prices, the euro-dollar exchange rate, commodity prices, as well as the pan-European forecast for growth and inflation at EU level.

As soon as these forecasts are announced, in combination with the data available in the country, the Ministry of Finance will proceed with the final drafting of the text that will be submitted to the Parliament on November 20. According to the first available information, the growth rate for next year is locked around 2 pct after a positive performance in 2022, with the growth rate being well above the European average.

As for inflation in 2022, it is expected to be revised close to 10 pct from 8.8 pct that was included in the draft budget. Inflation is expected to be close to 5 pct in 2023 compared to 3 pct estimate in the draft budget.


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