Tourism will continue to support Greek economic growth in the fourth quarter of 2022 thanks to the extension of the tourist season and the momentum it has shown to date, Axia Research commented, following the forecasts of the Greek Statistical Office (ELSTAT) on the course of the tourist season. the country’s gross domestic product in the third quarter with annual growth of 2.8%, but a quarterly contraction of 0.5%.
The pick-up in consumer spending remains to be seen, Axia added, and its ultimate impact on GDP is also tied to tourism receipts and inflation levels.
An additional catalyst for the last quarter is the start of large public and private projects that were tendered in the past period, as well as investments related to the Recovery and Resilience Fund, which are gradually starting to flow into the economy.
As the company points out, given the impact of subsidies on Greek GDP, the focus will remain on European energy markets and mitigating factors that the government can introduce to support businesses and households.