Significantly higher than the European average and consistently above 2% is projected for the growth of the Greek economy over the three-year period by the Commission, in its autumn economic forecasts released today.

Specifically, the Commission expects Greece to have a growth rate of 2.4% in 2023, 2.3% in 2024, and 2.2% in 2025.

For the same period, the Commission anticipates that the average growth in the eurozone will be 0.6% in 2023, 1.2% in 2024, and 1.6% in 2025, compared to EU growth of 0.6% in 2023, 1.3% in 2024, and 1.7% in 2025.

It is noted that the Commission's projections for the growth of the Greek economy have been revised upwards for 2024, compared to those in May (the forecast for 2024 was 1.9%), while the forecast for 2023 remains unchanged at 2.4%.

Regarding inflation, the Commission estimates that in Greece, it will be at 4.3% in 2023 and predicts that it will decrease to 2.8% in 2024 and 2.1% in 2025. For the eurozone, the Commission estimates that inflation will be at 5.6% in 2023 and predicts it will decrease to 3.2% in 2024 and 2.2% in 2025. In the EU, inflation is projected to close at 6.5% in 2023 and decrease to 3.5% in 2024 and 2.4% in 2025.

The general government deficit of Greece is projected to reach -2.3% of GDP in 2023, with a primary surplus of 1.1% of GDP, up from 0.1% in 2022. In 2024, the general government deficit is expected to decrease to -0.9% of GDP and to -0.8% in 2025.

In the eurozone, the fiscal deficit is expected to average -3.2% of GDP in 2023 and is forecasted to decrease to -2.8% of GDP in 2024 and -2.7% of GDP in 2025.

The public debt-to-GDP ratio for Greece is expected to decrease from 160.9% of GDP in 2023 to 151.9% in 2024 and 147.9% in 2025.

In the eurozone, the debt-to-GDP ratio is expected to decrease from 90.4% in 2023 to 89.7% in 2024 and 89.5% in 2025.