Tourism contributes to the recovery of the Greek economy in 2020 in the 4th quarter of 2022

News agency "Assoc. Press" reported that the Greek government noticed a rapid growth of economic indicators. The recovery of losses is proceeding at a much faster pace than could have been anticipated.

Greece is gradually recovering from the economic crisis. During the past year, growth has been recorded twice. A growth rate of 6.1 per cent is expected this year and a further growth rate of 4.5 per cent is expected in 2022. As a result, production level will be higher than it was before the spread of the pandemic. This information was presented by the Greek Prime Minister during the Cabinet meeting in Athens.

The draft budget for 2022 has been recently considered by Parliament, and the final approval was planned for the coming month. As is known, Greece became one of the European countries most affected by Covid-19. During the pandemic the country’s economic growth has fallen by more than 8 per cent - a frightening figure!

The economy will rise with increased investment.

➥ During the pandemic, private investment in the Greek economy declined by 0.6 per cent, but experts estimate that it will increase by 14 per cent this year and by more than 11 per cent the next year. The expected increase in the share of imported products by 6.6 per cent by the end of 2021 and by almost 9 per cent during 2022 will make it possible to exceed the "pandemic" period, which was 6.8 per cent in 2020

➥ It’s worth mentioning that in 2020 the unemployment rate in Greece was 16.3 per cent, whereas in the present year it has fallen to 16 per cent, and next year it is planned to fall to 14.3 per cent.

➥ The draft budget emphasizes that, owing to the National Reconstruction Program, the gross domestic product should grow by 2.9 per cent in 2022. The general vaccination plan drawn up to get the country back to “normal” life will contribute to stabilization in all spheres, particularly in the economic sphere.

➥ Moreover, a return to normal living conditions would stabilize financial performance indicators. As a result, Greece’s tourism sector, which has suffered enormous losses, will receive substantial support and a chance for a full recovery. Tourism revenues are expected to increase by almost 60 per cent comparing to the current year.