Economy enjoying torrid growth, says NBG

The economy grew over 13% year-on-year in the second quarter and will keep growing at a double-digit clip in the third quarter, according to a National Bank of Greece report.

The bank maintains its prediction for overall growth of 5.7% for the whole year, however, mainly because of the uncertainty over the pandemic.

The progress in vaccinations will be crucial if the economy is to keep up its growth momentum, the bank’s analysts say.

The government has planned for 3.6% year-on-year growth, but is expected to revise its estimate upward when it submits the draft 2022 budget to Parliament in early October. Statistics authority ELSTAT will release second-quarter data on September 7.

“The opening of the economy… liberated part of a latent demand for goods, but especially for services,” the report says.