Displaying items by tag: greek economy

In January-July 2022, the central government cash balance recorded a deficit of €6,090 million, compared to a deficit of €13,078 million in the same period of 2021, according to latest data from the Bank of Greece.

During this period, ordinary budget revenue amounted to €30,203 million, compared to €24,111 million in the corresponding period of last year. Ordinary budget expenditure amounted to €34,906 million, from €35,999 million in January-July 2021. 

Table: Central government net borrowing requirement on a cash basis (million euro)

Scopes Ratings believes Greece (BB+/Stable) has staged a strong recovery from the Covid-19 crisis. Last month, the agency revised up the 2022 growth forecast to 4.9% from an 4.6% estimate at the start of the year – the economy grew 8.3% last year – though Scopes revised down our 2023 forecast to 2.1% from 2.5%.

The Greek economy recovered vigorously from the pandemic, driven by strong domestic demand and tourism, the European Stability Mechanism (ESM) said in its annual report for 2021 approved in Luxembourg on Thursday.