Minister: War in Ukraine Will Cost Greece at Least 1% of GDP

ATHENS – The war in Ukraine will cost the Greek economy 1 percentage point of growth at the very least, Alternate Finance Minister Theodoros Skylakakis predicted while addressing the OT Forum on Wednesday.

He also noted that the maximum cost cannot be precisely calculated because no one knows when the hostilities will end. Skylakakis suggested that the discussion on the economic relations between the West and Russia could last a long time.

The minister noted that the threat of a war in Ukraine in 2021 had led to a dampening of GDP growth by 0.3 pct, which meant that the annual GDP growth rate could have been around 8.6-8.7 pct instead of 8.3 percent in that year.

Skylakakis also referred to the increase of uncertainty in the economy, which created a fragile environment due to the war. The repercussions on tourism were as yet unknown, he added, while the investment climate may also be affected, though this is not yet apparent for the time being.


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