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Greek News

Greek GDP revised to 2.4% in 2020: European Commission winter report

Greece’s economy is estimated to have grown by 2.2% in 2019 and is expected to grow at or above 2% over the forecast horizon, provided that reforms efforts continue to be implemented, according to the 2020 European Commission winter forecast.

As the report says, despite slower growth in some of Greece’s main export markets,
export growth remained resilient, indicating further market share gains, including in the tourism sector.

Real GDP in Greece is forecast to reach 2.4% in 2020 and 2.0% in 2021. With business and
consumer confidence at pre-crisis levels at the end of 2019 and disposable income increasing,
investment and consumption are expected to be the main drivers of growth. Export growth is expected to remain positive but is likely to ease, due to moderate growth in export markets and slower growth in export market shares. The labour market continued to improve with
unemployment falling to 16.6% in October 2019 (LFS data), down from 18.5% a year ago, though it remains the highest in the EU. The recent rise in the number of people in employment, on average.

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