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GDP
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EconomyMacroeconomy
Quarterly GDP growth slows to 1.2 pct in Q2 as investments shrink and imports rise Greece’s seasonally adjusted (SA) GDP increased by 1.2 percent quarter-on-quarter (QoQ) in the second quarter (Q2), from an upwards revised 2.9 percent in Q1, provisional data from the Hellenic Statistical Authority (ELSTAT) revealed on Wednesday.
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EconomyFeatures
Impact of uncertainty on economy starting to emerge in hard data The uncertainty of the Ukraine conflict, which is being felt primarily through the energy crisis and the swelling inflation wave, has been reflected for months in sentiment surveys and is now gradually filtering through in hard data, sending the first recessionary signals.
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Economy
Fitch leaves rating and outlook unchanged, underlines fiscal performance key to higher grade Fitch affirmed on Friday Greece’s ‘BB’ credit rating and kept the outlook positive, remaining one notch behind S&P and two notches from investment grade.
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EconomyMacroeconomy
BoG revises growth forecast down to 3.2 pct amid growing uncertainty The uncertain times across the global economy were captured in the latest monetary policy report by the Bank of Greece, which revised down its Greek growth forecast to 3.2 pct for 2022, from the 3.8 pct expected in April.
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Economy
PBO urges continued fiscal discipline amid growing instability In its latest report covering the first quarter of 2022, the Parliamentary Budget Office (PBO) sees mixed signals for the Greek economy and expects international factors to play a key role in developments in the near term.
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EconomyMacroeconomy
OECD lowers 2022 growth forecast to 2.8 pct as challenges mount The OECD revised down its growth forecasts for Greece for 2022 amidst surging global inflation, heightened uncertainty, and tighter monetary policy conditions.
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EconomyMacroeconomy
GDP rises by 2.3 pct QoQ in Q1 as consumption grows, but other components shrink Greece’s seasonally adjusted (SA) GDP increased by 2.3 percent quarter-on-quarter (QoQ) in the first quarter (Q1), from an upwards revised 0.8 percent in Q4, provisional data from the Hellenic Statistical Authority (ELSTAT) revealed on Tuesday.
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EconomyMacroeconomy
Incorporating impact of Ukraine war, EC revises growth forecast down to 3.5 pct In its spring forecasts, published on Monday, the European Commission incorporated the impact of the conflict in Ukraine on the growth outlook for the eurozone, with the Greek growth rate for this year now revised down to 3.5 pct, from the 4.9 pct included in the winter forecast published in February.
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EconomyMacroeconomy
Updated Stability Programme reflects impact of crisis as growth revised to 3.1 pct, rising in 2023 The Greek authorities submitted to Brussels last week the Stability Programme for the 2022-2025 period, in which the impact of the cost-of-living crisis and the fallout from the conflict in Ukraine are reflected.
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Economy
S&P moves Greece closer to investment grade, puts focus on budget and growth S&P on Friday night upgraded Greece’s credit rating by one notch to ‘BB+’, while the outlook was revised from positive to stable. Greece is now just one notch away from securing an investment grade with S&P.