Editorial: The responsibility of Greek businesses

The data released by the Hellenic Statistical Authority for the second quarter reveal that the Greek economy is in a dynamic rebound, transcending the repercussions of the pandemic and creating the conditions for the greatest leap in economic growth in our recent history.

The positive reaction of citizens and businessmen to the lifting of a host of public health restrictions such as social distancing was intense, among the strongest in Europe.

The 16.2 percent growth leap in Q2 was based, according to official data, mainly on a 13.2 percent increase in private consumption on an annual basis, but also on private investment, which increased by 12.9 percent on an annual basis for the fifth consecutive quarter.

Needless to say, the increase in consumption was based on the aggregate reserve of deposits accrued during the months of the pandemic.

Between April, 2020, and August of this year, private deposits increased by about 30bn euros, bringing them almost to the level at which they were before the great flight of capital in the ill-fated summer of 2015.

Notably, the level of deposits continued to rise in the current quarter, during which we saw an explosive rise in consumption after the lifting of public health restrictions and the greater mobility of citizens.

Moreover, we must note that the above divs do not factor in this year's explosive rise in tourism, which by all appearances will lead to a double-digit rise in economic activity in the current quarter.

Based on the data, there is a common conviction among domestic and foreign analysts that the Greek economy is headed toward dynamic growth both this year and in 2022.

While this year the economy relied mainly on the leap in consumption, next year it will be boosted...