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Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

The Greek economy was estimated to be among the most severely hit by Covid-19 despite the relatively limited number of cases and death rates in the country compared with most of Europe. This was mostly due to Greece's heavy reliance on tourism and the hospitality industry, which not only weighed on the trade and current account balance but also employment and domestic consumption. However, the country’s economy rebounded strongly in the second half of 2021, when real GDP reached its pre-pandemic level. Overall, Greek GDP is estimated to have grown 6.5% in 2021 (IMF), driven by a buoyant domestic demand and a better-than-expected tourist season. The launch of the European Recovery and Resilience Plan and a positive contribution of the external sector should drive a growth of 4.6% this year, followed by 2.6% in 2023 (IMF forecasts).

Government expenses increased drastically in an attempt to fight the COVID-19 pandemic (estimated at 6.5% of GDP). Coupled with a contraction in revenues and the cost of the relief measures taken in response to the extensive forest fires in August, it resulted in a budget deficit of 7.1% in 2021. The general government deficit is expected to decrease to 1.9% of GDP in 2022 thanks to the economic rebound and to the phasing out of the majority of the emergency measures. Public debt – which had been on a downward trend in recent years – skyrocketed by more than 25% of GDP in the aftermath of the pandemic. Despite being among the highest ratios in the world, in 2021 it started decreasing (206.7% of GDP) and is expected to further contract this year and the next (199.4% and 192.4%, respectively - IMF). Despite rising global energy prices, headline inflation remained almost null in 2021 (-0.1%) on account of the weak demand during the first semester of the year. The IMF forecasts a gradual increase over the forecast horizon, at 0.4% this year and 1.1% in 2023.

In 2021, the government's furlough support schemes prevented further job losses; nevertheless, the unemployment rate increased 15.8%, one of the highest levels in Europe. The recovery of the economy is set to accelerate job creation, thus a decrease in unemployment, projected at 14.6% in 2022 and 13.1% the following year (IMF forecast).

 
GDP Indicators 201920202021 (e)2022 (e)2023 (e)
GDP (billions USD) 205.35189.26e211.65224.89236.24
GDP (constant prices, annual % change) 1.9-8.2e6.54.62.6
GDP per capita (USD) 19,147e17,657e19,82721,15522,314
General government balance (in % of GDP) 2.9-3.6e-7.1-1.9-2.6
General government gross debt (in % of GDP) 184.9211.2e206.7199.4192.4
Inflation rate (%) 0.5-1.3e-0.10.41.1
Unemployment rate (% of the labor force) 17.316.4e15.814.613.1
Current Account (billions USD) -4.58-14.05e-15.68-11.55-11.54
Current account (in % of GDP) -2.2-7.4e-7.4-5.1-4.9

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

 
Monetary indicators 20162017201820192020
American Dollar (USD) - Average annual exchange rate for 1 EUR 1.061.131.181.121.14

Font: World Bank, 2015

 

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Actualitzacions: May 2022

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