Growth in Greece is set for a 40-year record this year, Fitch Solutions has estimated after revising its expectations on the course of the country’s gross domestic product from 6% to 6.3%. The expansion will continue at a significant pace in 2022, too, amounting to 4.3%.
This constitutes a further vote of confidence in Greece’s prospects, after Citigroup last week raised its growth expectations from 5.3% to 8.8%, the highest forecast to be formally expressed.
The upgrade in Fitch Solutions’ projections is attributed to the very positive course of the Greek economy in the first half of the year, which has stunned even the most optimistic observers, boosted by soaring private consumption and exports: They are set to keep growing in the rest of 2021, the agency estimated, contributing to the Greek GDP by 3.5% and 5.8% respectively.
It further estimates that the recovery of tourism – albeit below pre-pandemic levels – will also offer some considerable support to this year’s growth. Investments will rebound too, Fitch Solutions argues, contributing 1% to the expansion of the country’s GDP.