The Greek economy is set to grow by 4% with inflation projected to jump to 8.9% in 2022, according to the provisional data released by the European Commission.

The figures are included in the Commission’s summer “interim” economic forecasts for 2022 and 2023 for the EU and the eurozone, released by the Commission, revising inflation upwards and GDP growth downwards, relative to its forecasts last May.

In particular, Greece is forecast to grow above the EU and Eurozone average, with 4% in 2022, against 3.5% which was the forecast in May, and 2.4% in 2023, against a forecast of 3.1% in May.

At the euro area level, the Commission forecasts growth of 2.6% in 2022 (2.7% was forecast in May) and 1.4% in 2023 (2.3% was forecast in May). For the EU, the Commission forecasts growth of 2.7% in 2022 (stable compared to the May forecast) and 1.5% in 2023 (2.3% was the forecast in May).

In terms of inflation, Greece is projected to record one of the highest inflation levels in the eurozone, after Estonia, Lithuania, Latvia, Slovakia, and the Netherlands. Specifically, the Commission estimates that inflation in Greece will reach 8.9% in 2022, compared to 7.6% in the Eurozone and 8.3% in the EU. Inflation is expected to decline in 2023 to 3.5% in Greece, compared to 4% in the Eurozone and 4.6% in the EU.

The Commission’s inflation forecast has been significantly revised upwards compared to the spring forecasts. Last May, the Commission forecast eurozone inflation of 6.1% in 2022 and 2.7% in 2023, compared to 6.8% and 3.2% in the EU respectively. For Greece, in May the Commission predicted lower inflation for 2022 at 6.3% and at 1.9% in 2023.

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