Greek economy roars back and is expected to continue to grow next year

greek bank

Greece's economy roared back in the second quarter after a pandemic-induced 8.2% slump last year, growing at a better-than-expected annual rate of 16.2% as consumer spending and investments picked up with expectations it will continue to grow reports Reuters.

According to the report, Greece's economy is projected to grow by 4.5% next year after a strong rebound this year on stronger tourism, pent-up demand and a boost from state support measures, the government's draft 2022 budget projected on Monday.

The Greek government recently revised upwards this year's projected economic growth rate to 6.1% from 5.9%.

"The economy has already recovered more than two-thirds of the lost gross domestic product in one year, even though economic activity still faced restrictive measures in the first half," Finance Minister Christos Staikouras said.

On Friday Fitch Ratings said Greece's stronger-than-expected economic performance in the first half led it to upwardly revise its full-year 2021 GDP growth forecast to 6.0%.

"It seems that regaining the pre-pandemic GDP will take place sooner than expected, in the first half of 2022," said the National Bank of Greece's chief economist Nikos Magginas.