Growth in the euro area is also
expected at 4.0% in 2022, moderating to 2.7% in 2023. The EU as a whole reached its pre-pandemic
level of GDP in the third quarter of 2021 and all Member States are projected to have passed this
milestone by the end of 2022.
In particular for Greece, real GDP grew by 2.7% (quarter-on-quarter) in 2021-Q3, reflecting strong export performance and a significant contribution from private consumption.
The notable recovery in tourist inflows over the summer helped the economy to reclaim a significant part of the previous losses due to the negative impact of the COVID-19 pandemic, while the industrial sector has rebounded strongly.
The recent emergence of the Omicron variant and the related tightening of containment measures are expected to have weighed on growth in the last quarter of 2021, but its impact is projected to largely fade out during the first quarter of 2022. Overall, real GDP is expected to have grown 8.5% in 2021.
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