Hellenic Fiscal Council delivers mixed picture on economic outlook

The Hellenic Fiscal Council is predicting a slightly higher growth rate than the Stability Program, 2.6% against 2.3% for 2023, while for 2024 it is more pessimistic, expecting GDP to increase by 2.8% against the government forecast for 3%.

In its six-monthly report on the fiscal and macroeconomic developments of the Greek economy, the council also rings the alarm about inflation and the balance of payments deficit, as well as the risk of creating a new generation of nonperforming loans.

On inflation, it notes that despite its reduction, it disproportionately burdens the most vulnerable households' living costs and necessitates the fiscal interventions so far to boost their disposable income.