A
further
decline
in
the
unemployment
rate
had
a
positive
impact
on
consumer
spending,
with
the
seasonally
adjusted
unemployment
rate
in
December
2022
standing
at
11,6%,
down
from
12,9%
in
December
2021,
levels observed before 2010.
In
the
export
sector,
tourism
had
a
very
strong
performance
with
total
collections
reaching
17,6
billion
(97%
compared
to
2019)
while
visitors
reached
27,8
million
(89%
compared
to
2019).
On
the
other
hand,
imports
also
recorded
a
significant
increase
due
to
increased
energy
prices,
resulting
in
a
higher
current
account
balance compared to 2021.
In
the
fiscal
area,
according
to
the
latest
data,
results
are
expected
to
exceed
targets,
with
the
primary
deficit
expected
to
be
in
the
range
of
1,2%
compared
to
the
target
of
1,6%
in
line
with
improved
tax
revenues
and
higher
growth
despite
the
measures
of
supporting
households
from
inflationary
pressures.
To
be
noted
that
based
on
Ministry
of
Finance
data,
the
government
has
supported
households
and
businesses
against
the
energy crisis with 10,7 billion in 2022.
The
interest
rate
of
the
Greek
10-year
benchmark
bond
at
the
end
of
December
reached
4,3%,
compared
to
1,2%
at
the
beginning
of
the
year
as
a
result
of
the
upward
cycle
of
interest
rates
in
global
markets,
with
the
spread
over
the
German
bonds
increasing
by
about
50
basis
points
to
200
basis
points.
In
total
for
2022,
the
Hellenic
Republic
borrowed
EUR
8,3
billion
from
the
markets
through
bond
issuance,
while
the
country's
credit
rating
was
improved
by
one
grade
in
2022
by
3
rating
agencies
(S&P,
DBRS,
R&I).
Greece,
at
the
end
of
2022,
was
one
point
below
the
investment
grade
according
to
Scope,
DBRS,
S&P
and
R&I,
2
points
below
according to Fitch and 3 for Moody's.
Perspectives of the Greek Economy
The
Greek
economy
is
expected
to
continue
growing
in
2023
but
at
significantly
slower
rates
as
a
result
of
slower
Eurozone
growth
and
inflationary
pressures
that
are
likely
to
affect
private
consumption.
In
addition,
the
shift
in
monetary
policy
to
a
more
restrictive
stance
is
expected
to
have
an
inhibiting
effect
on
economic
activity.
Nonetheless,
effective
use
of
the
resources
of
the
EU's
long-term
budget
2021-2027
and
the
European
Recovery
and
Resilience
Mechanism
may
moderate
the
impact
of
the
energy
crisis
on
the
economy.
According
to
the
Bank
of
Greece,
the
Greek
economy
is
expected
to
grow
at
a
rate
of
1,5%
in
2023,
remaining
above the European average (+0,8% according to the European Commission, +0,5% according to the ECB).
The
decline
in
inflation
rate
is
expected
to
gradually
moderate
the
impact
on
households,
helping
consumption
in
conjunction
with
the
announced
increases
in
wages
and
pensions.
A
positive
contribution
is
also
expected
from
the
public
investment
program
amounting
to
12
billion
for
2023
according
to
the
budget
and
the
utilization
of
RRF
money.
Tourism
is
also
expected
to
be
positive
for
another
consecutive
year.
Finally,
a
series
of
positive
trends
for
the
European
economy
are
noted
in
recent
months,
with
lower
energy
prices
due
to
a
milder
winter
and
a
diversified
import
mix,
business
resilience
and
labour
market
helping
the
European economy to avoid recession in late 2022 and early 2023.
On
a
longer-term
horizon,
the
outlook
for
the
Greek
economy
remains
positive,
with
the
Bank
of
Greece
forecasting
growth
of
3,0%
for
2024
and
2,8%
for
2025
(compared
to
1,9%
and
1,8%
respectively
for
the