Greek Economy Quickens in Third Quarter due to Tourism

Greek economy
  • Country’s GDP grew 2.7%, after 2.1% in previous quarter
  • Greece’s government sees output growing 6.9% in 2021

Greece’s economic growth accelerated in the third quarter, increased by a strong tourism season, which saw a return near pre-pandemic levels as reported by Bloomberg.

The country’s gross domestic product increased by 2.7% in the period, after a revised increase of 2.1% in the previous three months, the country’s statistical service said Monday. 

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Revenue from tourism in Greece in 2021 is expected to reach 60% to 70% of the level seen in 2019, according to Prime Minister Kyriakos Mitsotakis.

The nation expects to make up for all the lost ground in 2022 and may even exceed it.

European authorities predict the Greek economy will grow 7.1% this year and 5.2% in 2022, a more positive outlook than the government’s own 2021 estimate of 6.9%. GDP should return to its pre-pandemic level by the end of next year, according to the government’s final budget for 2022.