Economic forecasting

Brussels sees growth at 2.2%

The European Commission calculates Greece's growth at 2.2% in its spring forecasts for this year and 2.3% for 2025, undercutting the projection of the Greek government. Brussels' forecast was below the estimate of the recent Stability Program for 2.5% and 2.6% respectively.

OECD lifts growth forecast for Turkish economy to 3.4 percent

The Organizations for Economic Cooperation and Development (OECD) has lifted its GDP growth forecast for the Turkish economy for 2024 from a previous 2.9 percent to 3.4 percent.

Investment activity is expected to remain strong partly due to the ongoing reconstruction following the 2023 earthquake, the Paris-based organization said in in its latest quarterly report, released on May 2.

OECD: Greek economy to grow 2% in 2024

The Greek economy remains resilient and is expected to grow at a rate of 2% in 2024 and 2.5% in 2025 as rising employment and real wages and strong tourism boost consumption, according to the OECD's six-monthly report.

Despite the slowdown in new job growth, the employment rate and labour force shortages remain at historically high levels, it was pointed out.

Bulgaria's Ministry of Finance Forecasts Halved Inflation Rates for 2024

The Ministry of Finance in Bulgaria has revised its inflation predictions for the year 2024, slashing them by half compared to previous estimates. According to the department's spring macroeconomic forecast, the average annual inflation rate is anticipated to drop to 2.4%, with further deceleration to 2.3% by year-end.

Profits drive prices higher

Corporate profits are fueling inflation to a large extent in Greece and will continue to do so in the coming years, according to the fall forecasts of the European Commission, which confirm previous relevant estimates of the OECD and calculations of other independent bodies, including the Bank of Greece.

Bulgaria’s Ministry of Finance predicts a Slowdown in Economic Growth to 1.8% this year

The Bulgarian economy will slow its growth to 1.8 percent this year, according to the spring macroeconomic forecast of the Ministry of Finance.

Due to the Russian war against Ukraine, an alternative scenario has also been developed, according to which the growth of the gross domestic product (GDP) at current prices may deviate downwards by between 0.5 percentage points.