Greece’s economy is picking up steam and is expected to continue growing next year

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Greece’s economy rebounded in the second quarter after a pandemic-induced 8.2% drop last year, growing at a better-than-expected annual rate of 16.2% as consumer spending and investment picked up with expectations, it will continue to grow, reports Reuters.

According to the report, the Greek economy is expected to grow 4.5% next year after a strong rebound this year in stronger tourism, pent-up demand and a boost from state support measures, the project 2022 government budget projected on Monday.

The Greek government recently revised upward the projected economic growth rate this year to 6.1% from 5.9%.

“The economy has already recovered more than two-thirds of the gross domestic product lost in a year, although economic activity still faced restrictive measures in the first half of the year,” said Finance Minister Christos Staikouras.

Fitch Ratings said on Friday that Greece’s stronger than expected economic performance in the first half of the year led it to revise its GDP growth forecast for the year 2021 up to 6.0%.

“It appears that the recovery of pre-pandemic GDP will take place sooner than expected, in the first half of 2022,” said Nikos Magginas, chief economist at the National Bank of Greece.


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