Greek tourism projected to fully return to its pre-pandemic levels

The Greek economy is expected to grow by 8.5% in 2021, 4.9% in 2022, and 3.5% in 2023, the European Commission said in its winter economic forecast report released on Thursday, revising upwards its earlier forecast of a growth rate of 7.1% in 2021 and slightly downwards its forecast for 2022 (5.2%), ANA reports.

Real GDP in Greece grew by 2.7% (quarter-on-quarter) in the third quarter of 2021, reflecting strong export performance and a significant contribution from private consumption, the commission said, adding that the notable recovery in tourist inflows over the summer helped the economy to reclaim a significant part of the previous losses due to the negative impact of the COVID-19 pandemic, while the industrial sector has rebounded strongly.

Tourism, in particular, is expected to continue recovering its previous losses, until it fully returns to its pre-pandemic levels by the end of the forecast horizon. Overall, real GDP is projected to grow by 4.9% in 2022 and ease to 3.5% in 2023.