Greek Stats Authority sees inflation close to 12% will announce GDP performance

As the government measures its fiscal stance to announce new consumer-intervention measures, a week of revelations is coming starting tomorrow, both on the inflation front and on GDP. The financial staff expects to see the impact on the economy from the high levels of inflation in the economy and revenue.

Tomorrow, Hellenic Statistical Authority ELSTAT will announce GDP data for the first quarter, on Thursday it will announce the level of inflation for May, while in the coming days the Ministry of Finance will have in its hands the final data from the course of revenues in May. Despite high inflation, analysts see strong growth for 2022 but much lower than initially forecast. They exorcise the scenarios for recession and favor the course of tourism and the Recovery Fund as a stronger counterweight.

The first data from the bookings in tourism predict that occupancy may exceed 90% in some areas in June while the picture is very positive in the center of Athens. It is noted that in 2021 receipts reached 10.5 billion Euros, lower than the record of 2019 when travel revenues amounted to 18.179 billion euros, while in 2018 it was 16 billion euros. According to the data of the Bank of Greece in 2019 traffic reached 34 million travelers and the average spending per traveler was about 500 euros. Respectively in 2021 there were 15.2 million travelers, spending on average about 690 euros.

However, the data from the inflation front are not so promising. Eurostat recently announced that inflation in Greece reaches 10.7%. This percentage predicts that the national consumer index will hit red and estimates now show levels well above 11% in May, with average inflation to date exceeding 8%. It is noted that the forecasts of the Ministry of Finance place the...