x

Economy

Greece’s Accelerating Recovery Seen Hitting 2023 Speed Bump

ATHENS – With tourism even during the waning COVID-19 pandemic propelling a rebound set to bring growth of 5.3 percent in 2022, rising energy costs and soaring inflation will put the brakes on in 2023.

Domestic demand is also seen slowing because households are trying to deal with electric bills, winter energy supplies and supermarket prices that have gone up so much that food stores said they will try to limit those on 50 core products.

The growth for 2023, said Reuters in a report, is expected to be only about 2.1 percent, according to the New Democracy government’s 2023 budget estimates that affect a crucial election year.

In 2022, Greece is expected to achieve a 0.7 percent of Gross Domestic Product (GDP) primary surplus – which excludes interest on debt, the cost of running municipalities, state enterprises and some military expenditures – from a 1.7 percent budget deficit in 2022, showing a rosier picture being developed.

The primary surplus target for 2023 is achievable even in a more unfavorable scenario “due to the resilience of public revenues and the margin of fiscal restraint”, National Bank’s Senior Economist Nikos Magginas told the news agency.

“The 2023 budget is being drafted under conditions of extremely high uncertainty, regarding geopolitical developments at a global level,” Finance Minister Christos Staikouras and Deputy Finance Minister Theodore Skylakakis said in a statement, referring to the effect of Russia’s invasion of Ukraine that spiked energy costs.

The country’s debt, the highest in 19-member Eurozone, is seen falling to 161.6 percent of GDP from 169.1 percent in 2022, the draft estimate indicated.

The draft budget forecast annual inflation will ease to 3 percent by the end of 2023, from 8.8 percent this year, the highest in almost 30 years, while joblessness is seen dropping slightly to 12.6 percent from 12.9 percent.

RELATED

ΑΤΗΕΝΣ - Prime Minister Kyriakos Mitsotakis met on Friday with Austrian Chancellor Karl Nehammer, who is in Athens for a two-day European People's Party (EPP) meeting.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Biden Hosts Macron amid Friction over US Climate Law (Video)

WASHINGTON (AP) — Presidents Joe Biden and Emmanuel Macron are celebrating the longstanding U.

OHIO - Julia Reichert, the Oscar-winning documentary filmmaker behind “American Factory” whose films explored themes of race, class and gender, often in the Midwest, has died.

NEW YORK — A stage musical about woke princesses that uses hit songs by Britney Spears will land on Broadway this summer.

LONDON — Elton John is scheduled to perform at the Glastonbury Festival in June, in what organizers say will be his farewell show in Britain.

The term ‘soccer’ is one that is met with ironic sneers and pointed jests around the world, outside the United States.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.