Greek Finance Ministry Lowers GDP Growth Forecast In Revised 2023 Draft Budget

The Greek Finance Ministry submitted to parliament on Monday a revised draft budget for 2023, in which the forecast for GDP growth was reduced from 2.1% to 1.8%

ATHENS (UrduPoint News / Sputnik - 21st November, 2022) The Greek Finance Ministry submitted to parliament on Monday a revised draft budget for 2023, in which the forecast for GDP growth was reduced from 2.1% to 1.8%.

"In 2023, in extremely uncertain conditions for forecasts, inflation is expected to grow by 5% compared to 6.1% in the euro area and 7.0% on average in Europe, and growth (GDP) is expected to be 1.8% compared to 0.3% on average in the eurozone and in the member states of the European Union, according to autumn forecasts by the European Commission," the document read.

The country's GDP in 2023 will be 224.134 billion Euros ($229 billion), up from 210.170 billion euros this year, according to the draft budget.

The Primary surplus before payments on public debt is projected at 1.

668 billion euros, or 0.7% of GDP for 2023 after three years of deficit, while the state budget deficit for next year is projected at 7.806 billion euros, down 3.638 billion euros from 2022.

Greek public debt is estimated to amount to 355 billion euros by the end of this year, or 168.9% of GDP.

According to the ministry, it is evident that the risks associated with macroeconomic forecasts both nationally and globally for 2023 are increasing and are primarily associated with geopolitical challenges, the development of the situation in Ukraine, and surging energy prices.

Earlier in the month, the European Commission significantly lowered the EU and eurozone GDP growth forecasts, expecting their economies to grow by 0.3% in 2023.