Investor Presentaiton
Economic activity in 1H22 overcame headwinds from surging inflation and geopolitical turbulence
Sustained
strong
business
activity and
revived
tourism
amplifies the
strong
carryover
effect from
buoyant
domestic
demand in
1Q22
Greece's economic performance exceed expectations:
1Q22 GDP up by +7.0% y-o-y (+5.4% in Euro Area),
beating expectations; coupled with encouraging signs
from high frequency indicators and an ongoing strong
tourism season, FY22 GDP growth will likely exceed
4.0%
•
Unemployment
rate (%)
Employment
growth (YoY)
Business turnover
Business turnover, excluding energy, up by +30.0% yoy (YoY, x energy-
in 5M22, higher by €21b (+26%) vs pre-pandemic levels
• Business sector gross operating surplus and mixed
income up by +15.3% y-o-y, to a 10-year high of €26b
in 1Q22, capable of absorbing increased operating costs
Employment up by an impressive +10.9% y-o-y or
+365K additional private sector employees in 4M22, C180K
persons higher vs 4M19; additional upside from increased
hiring in tourism
• International arrivals at AIA increased nearly 3 fold in
2Q22, while tourist receipts were up nearly 6x y-o-y in
5M22, reaching 2019 levels in Apr-May 2022
⚫ Economic sentiment, sectoral survey data and other high
frequency indicators remained in healthy expansion in
1H22, considerably above their 20-year average
• Tax revenues increased by 22% y-o-y in the 5M22,
keeping primary deficit at just 0.7% of GDP, better by
c€2.4b relative to the budget
National Bank of Greece 2Q22 results
Key Highlights
related sectors &
financial services)
Goods exports
(x oil/ships, YoY)
Goods imports
(x oil/ships, YoY)
Tourism revenue
(deviation from
respective 2019
level)
ESI (index level)
Private sector
deposits (€bn)
Tax revenue (YoY)
1Q19 1Q20 1Q21 1Q22 2Q22
19.0% 16.8% 16.5% 13.0% 12.5%¹
2.3% -0.9% -2.6% 11.0% 10.8%¹
0.5% -3.6% 29.1% 30.4%2
4.1%
5.6% 11.7% 23.9% 23.0%
4.6%
1.4% 5.4% 32.8% 34.5%2
100% -20.5% -85.8% -40.1% -2.3%2
102.2 110.0 96.6 113.4 105.8
133.3 145.1 164.8 176.6 179.43
-0.8%
0.9% 15.0% 22.3%³
-4.7%
2022 corresponds to April 2022 data
22022 corresponds to average Apr-May 2022 data
2022 corresponds to 5M22 data
Sources: ELSTAT, BOG, EU Commission, Greek Ministry of Finance
NATIONAL BANK
OF GREECE
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