Greece recorded strong economic performance in 2022, showing resilience to the economic fallout due to the war in Ukraine. Employment, tourism and government revenues all rose, paving the way for one of the biggest support packages to deal with high energy prices among eurozone countries. The public debt decreased sharply, although in the long term it is one of the challenges facing the Greek economy in terms of its repayment.
Greece exited the enhanced surveillance framework in August 2022, demonstrating the substantial economic progress recorded over the last years, according to the conclusions of the annual report of the European Stability Mechanism (ESM) for 2022. Nevertheless, it recommends that Greece remains committed to fiscal prudence and the strict implementation of structural reforms under the Recovery & Resilience Facility.
As highlighted in the report, in 2022 economic activity increased by 5.9%, returning to pre-pandemic levels.
On the fiscal side, special mention is made of the return to primary surpluses earlier than expected, i.e. in 2022.
