“We raise our GDP forecast for 2021 to 7.9% with strong performance in the second quarter,” says UBS

The economic recovery proceeded much faster than expected in Greece, UBS said in a report, noting that GDP is recording the strongest course in the last 20 years.

The report notes that GDP had fully recovered from the pandemic shock by the second quarter of 2021. It therefore revised its year-on-year forecast from 6.6% to 7.9% in 2021. For 2022 it “sees” growth of 6% compared to a previous forecast of 5%.

According to UBS, the available data show a continuous recovery of activity in the third quarter. Google mobility data show that there was a sharp increase in activity in July, August, and September.

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