NBG estimates that in 2023 we will have a further 3% increase in business sales volume, which will be based on the strong business sales dynamics in the current year, which will also be a key support for the Greek economy in 2023.

NGE notes a significant slowdown in sales growth in 2023 compared to 2022, but notes that the Greek business sector “will be able to withstand even next year’s difficult conditions.”

Based on the results of a study conducted by the NBG Economic Analysis Department as part of a new Business Trends research series, the construction and information technology sectors are expected to stand out positively, reaching double-digit annual growth rates. as it accelerates the implementation of public and private investments linked in part to European Recovery Fund resources. In particular, the study states that prices will remain high in the near term and a slight slowdown in demand dynamics based on the main predictors of business activity. So during the last quarter of the year, while nominal sales are estimated to continue to rise (+27% compared to 2019), there are also signs that the current momentum is starting to slow in terms of volume, according to NBG.

In more detail, focusing on the 3rd quarter of 2022, NGE finds a significant acceleration in sales in the business sector with a 31% increase compared to the 3rd quarter of 2019 (from +23% in the 1st half). The increase was partly supported by subsidies to households and businesses. Regarding individual lifting characteristics, NGE fixes:

NGE: The Greek business sector will survive even in the difficult conditions of next year.

• Accelerated sales growth (in line with business GDP), which reached 11% higher in Q3 2019 (against 6% growth, respectively, in the first half of the year).

• High inflationary pressure covering more than two-thirds (2/3) of 9M sales growth, mainly due to higher cost of imported raw materials. Under these conditions, the first signs (from business sector operating income and listed companies’ results) converge in maintaining a healthy operating income, as well as the efforts of enterprises to repay some of the inflationary pressures. Better profitability coupled with higher financial support is driving parallel growth in (i) business investment (primarily to increase production capacity) and (ii) employment. Under these conditions, the 14% growth in business GDP in the nine months of 2022 compared to 2019 makes business a key driver of the Greek economy, the EIB emphasizes, with Greece even increasing its share in Europe (in terms of added value in all broad areas ).

Digging down to the industry level, the study captures the sectors with the most growth, with a focus on the 3rd quarter of the year, noting that:

• Construction saw the highest growth in activity (27% higher than in 2019), with performance driven mainly by buildings, with weaker performance in the retail sector.

• In industry, high-tech industries stand out positively, and in the service sector, a qualitative modernization of business activity, as evidenced by the strong performance of consulting services, R&D and IT.