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Energy crisis will hurt Greek economic growth this year -fin min -Breaking

by Mike Robinson

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© Reuters. Christos Staikouras, Finance Minister, attends the inaugural meeting of the newly formed cabinet at the Athens parliament building on July 10, 2019, in Athens. REUTERS/Costas Baltas

ATHENS (Reuters] – Rising energy prices will negatively impact Greece’s economic growth in this year. On Wednesday, Greece’s Finance Minister stated that he intends to present a supplementary Budget for 2022 which includes additional spending.

While he didn’t give details or make a new projection, he stated that significant growth will continue this year. The 2022 Greek budget forecasts economic growth at 4.5%.

Christos Stataikouras said that “there will be a negative effect in growth (compared to the 4.5% projection) as well as a significant increase in inflation,” at an Athens-based economic forum.

He indicated that the projections would become public when the ministry submits new estimates to Brussels.

Minister said that the supplementary budget would include additional spending of 2 billion Euros to assist households with higher energy prices, if necessary.

Budget projections for the year show a budget deficit of 1.2% and an inflation rate 0.8%. In February 2017, Greece saw 7.2% annual consumer inflation, an increase of 25 percent. [nL5N2VD36U]

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