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Oikonomia, Economy, Ellada
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EBRD sees Greek economy growing by 5.2 pct in 2022 and 2.2 pct in 2023

The EBRD noted that the strong post-pandemic recovery of 2021 was followed by equally strong growth in the first half of 2022, with rates of 8 pct in the first quarter and 7.7 pct in the second quarter

The European Bank for Reconstruction and Development (EBRD) expects the Greek economy to have strong growth rates of 5.2 pct of GDP in 2022, followed by a growth rate of 2.2 pct in 2023, according to a report released on Wednesday.

The EBRD noted that the strong post-pandemic recovery of 2021 was followed by equally strong growth in the first half of 2022, with rates of 8 pct in the first quarter and 7.7 pct in the second quarter. This was partly due to the low basis for comparison due to pandemic lockdowns but also driven by strong private consumption and higher state spending, it said.

It also noted a strong performance in exports, including of high technology which now approached that of Germany as a percentage of GDP, and the contribution of tourism.

At the same time, it saw a reversal in short-term indicators of confidence, such as the PMI, as global energy markets struggled with higher insecurity and the Eurozone began to be threatened with a recession. This would lead to growth inevitably slowing, according to the EBRD, though it would continue due to the subsidies and loans from the EU Recovery and Resilience Fund.

Must be remindeed that tax revenue surpassed targets by 5.5 billion euros in the January-August period, with August tax revenue exceeding monthly targets by 1.3 billion euros, the finance ministry said on Monday.

More specifically, a report on budget execution in an amended cash basis in the January-August period showed a general government deficit of 4.105 billion euros, from a budget target for a deficit of 9.992 billion and after a 10.519 billion euros shortfall recorded in the same period last year.

The budget showed a primary surplus of 19 million euros, from a budget target for a primary deficit of 5.942 billion euros, and a primary deficit of 6.381 billion in 2021. Net budget revenue was 39.232 billion euros, up 17% from targets, while regular budget revenue was 42.808 billion, up 17.6% from targets. Tax revenue was 35.734 billion euros, up 18.2% from targets, social contributions revenue was 37 million euros, up 1.0 million from targets, transfer revenue totaled 4.318 billion, down 125 million from targets, revenue from sale of goods and services totaled 555 million euros, up 171 million from targets, other revenue totaled 2.155 billion, up 834 million from targets, while fixed property asset sales totaled 7 million, up 7 million from targets.

Tax returns totaled 3.575 billion euros, up 704 million from targets, while Public Investment Programme revenue was 1.921 billion euros, down 849 million from targets. Budget spending totaled 43.337 billion euros in the eight-month period, down 192 million from targets. Regular budget spending was down 864 million from targets.

In August, budget revenue was 5.530 billion euros, up 892 million from monthly targets, regular budget revenue was 5.956 billion, up 837 million from targets. Tax returns were 426 million euros, down 55 million from targets, while Public Investment Programme revenue was 143 million euros, down 467 million from targets.

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