Greek Elections 2023: Crucial dates for the economy

The Greek economy is going to pass through important milestones by the end of June despite the pause that has been “pressed” on government work due to the second elections.

The milestones until June 25 are “running” and can bring developments on the growth front but also on the fiscal margins, determining the economic policy of the day after the elections.

However, the markets are discounting the continuation of the government policy of the ND, with a stable government, which is reflected in the prices of Greek bonds and shares as well as in the reports of foreign companies.

Announcements are coming on growth rate, potential rating upgrade, budget and inflation. All of this will form the basis for the discussions that the next government will have, at the European level, about the rules of the new Stability Pact and the amount of primary surpluses that will be activated from 2024.

June 7. ELSTAT will announce the data on the course of the economy in the first quarter of 2023 and there it will be seen where the ball will sit for this year’s growth. Estimates show that the rate will be higher than the budget forecast for 1.8% and the updated Stability Program for 2.3%.

June 9. No surprise is expected regarding Greece’s rating from the report planned by Fitch. Estimates show that the country is not projected to regain investment grade prior to government formation. After twelve upgrades since 2019, Greece is one rung from investment grade by three ratings agencies.

June 9. The new figures for inflation in Greece will be announced, as despite the high food prices it is estimated that there will be a de-escalation of the general index to 4%. In April inflation fell to 3% from 4.6% in March and from 7% in January. Price hikes in the food group are over 11.4% putting pressure on earnings. According to the Stability Program, inflation will also move downward, which from 4.5% this year will slow down to 2.4% in 2024 and to 2% in 2025 and 2026.

End of June. The figures for the course of revenues during the first half of the year are awaited. The signs are positive, while April closed with overpayments of 1.63 billion euros. Estimates for May show that tourism will raise revenues to levels above the target, i.e. pumping in 4.7 billion euros. Collections of 25.06 billion euros are expected for the first half and 32.36 billion euros for the second.