The unemployment rate is at a 12-year low, Labour and Social Affairs Minister Kostis Hatzidakis said on Thursday in a post on his personal social media account.
Specifically, Hatzidakis stated: "11.4% unemployment in July (Eurostat) - a 12 year low. During SYRIZA's governance the unemployment rate was at 17.3%. Almost 6 units down!"
"The unemployed were decreased by 300,000. It didn't happen by chance, we did it. Does SYRIZA still consider us enemies of the workers and the unemployed? Reality takes revenge on them!" he added.
Greece's economy could grow by 5.7% this year from 4.0% previously forecast as the country benefits from a strong rebound in tourism, UBS said in a research report published last week.
"Our new growth projection is 150 basis points above market consensus of 4.2%," UBS economist Gyorgy Kovacs said in the report, according to Reuters.
Tourism revenues are expected to reach 20 billion euros this year, topping projections of 15 billion and last year's 10.5 billion, including a positive effect on job creation, the report said.
Central bank data showed that non-resident arrivals rose 241.5% in June on the year, with revenue up 224.5%. Arrivals corresponded to 89.0% of their level in 2019, a record year for tourism, while revenue exceeded it.
Greece's economy expanded in the first three months of the year at a faster pace than in last year's fourth quarter but on an annual basis the rate of growth eased to 7.0% percent from 8.1%. read more
Official second quarter gross domestic product (GDP) data is due to be released on Sept. 7.
UBS sees downside risks this year from a gradual deterioration in business sentiment and potential disruption to gas flows to Europe. It revised its 2023 Greek growth forecast down to 4.0% from 4.7%.
It said average inflation could easily top 9% this year.
Greece's annual consumer inflation slowed to 11.6% in July from 12.1% the previous month, remaining close to its highest level in nearly three decades. read more
The government is expected to spend 6 billion euros on energy subsidies this year, about 3.0% of GDP. More support may be announced on Sept. 10 although likely to only amount to around 1.0% of GDP, UBS said.
Official second quarter gross domestic product (GDP) data is due to be released on Sept. 7.
UBS sees downside risks this year from a gradual deterioration in business sentiment and potential disruption to gas flows to Europe. It revised its 2023 Greek growth forecast down to 4.0% from 4.7%.
It said average inflation could easily top 9% this year.
Greece's annual consumer inflation slowed to 11.6% in July from 12.1% the previous month, remaining close to its highest level in nearly three decades.
The government is expected to spend 6 billion euros on energy subsidies this year, about 3.0% of GDP. More support may be announced on Sept. 10 although likely to only amount to around 1.0% of GDP, UBS said.
READ MORE: No more tax filing extensions after yesterday’s deadline.
