Economy of Greece
The Bank of Greece has raised its economic growth forecast for Greece this year, according to the central bank's governor, Yannis Stournaras. Presenting the bank's annual report on Friday, Stournaras said that the Greek economy is expected to grow by 2.2% in 2023, and the inflation rate is set to fall to 4.4%, with the state budget expected to record a primary surplus of 0.7%.
The benchmark at the Greek stock market tested the waters around the 1,080-point level and returned below 1,070 points on Tuesday, closing with minimal gains that sufficed to make the session the fifth in a row with growth for the bourse. This was mainly driven by bank stocks, while the majority of the market ended up with losses, albeit minor in most cases.
The benchmark of the Greek stock market cleared the 1,050-point bar on Friday, but that was not enough to prevent it from ending the month of March with a loss - a first after the rising streak from October to February. While the benchmark recorded a drop of 6.61% for March, it ended the first quarter with an increase of 13.42%.
The Goldman Sachs comment on Wednesday afternoon that the Greek economy will stay strong despite any political turmoil, and even regain investment grade in three weeks' time, helped the Greek stock market secure gains on Wednesday, even if it had struggled to keep pace with the rest of its eurozone peers. Moody's positive outlook of the local credit sector also helped.