Tourism to support Greek economy in Q4, too
Tourism will continue to support Greece’s economic growth in the fourth quarter of 2022 thanks to the extension of the tourism season and the momentum it has shown to date, commented Axia Research following the announcements by the Hellenic Statistical Authority (ELSTAT) on the course of the country’s gross domestic product in the third quarter, with annual growth of 2.8% but a quarterly contraction of 0.5%.
The momentum of consumer spending remains to be seen, Axia added, with its ultimate impact on GDP also related to tourism receipts and inflation levels.
An additional catalyst for the last quarter is considered to be the start of large public and private projects that were tendered in the previous period, as well as investments related to the Recovery and Resilience Fund, which are gradually starting to flow into the economy.
As the company emphasizes, given the impact of subsidies on Greek GDP, the focus will remain on the European energy markets and the mitigating factors that the government may introduce to support businesses and households.
