Issue No 48 – June 2022



Executive Summary


1. Recent (macro-)economic developments

1.1. The evolution of the aggregate demand components in a period of health and energy uncertainty appearance,
       Yannis Panagopoulos, Konstantinos Loizos, pages 6-13

1.2. Higher energy prices due to war intensify inflationary pressures,
       Emilia Marsellou, pages 14-17


1.3. Factor model forecasts for the short-term prospects in GDP,

       Factor Model Economic Forecasting Unit Ersi Athanassiou, Aristotelis Koutroulis, Emilia Marsellou, Theodore Tsekeris, pages 18-20


1.4. Development of the Greek Current Account balance and its components,
       Ioanna Konstantakopoulou, Pantelis Argyropoulos, pages 21-25


1.5. Turmoil in the stock market due to the war in Ukraine and its consequences,
       Fotini Economou, pages 26-30


1.6. International environment: The war adds instability and weakens global growth prospects,
       Aristotelis Koutroulis, pages 31-33


2. Fiscal developments

2.1. Fiscal developments,
       Elisavet Nitsi, pages 34-42


3. Human resources and social policies

3.1. Recent developments in key labour market variables,
       Ioannis Cholezas, pages 43-47

3.2. Poverty rate and social transfers in the EU,
       Vlassis Missos, pages 48-50


4. Reforms-Economic development


4.1. The resilience of the Greek agricultural sector against the pandemic,
       Ioanna Reziti, pages 51-56


4.2. External trade of agri-food products,
       Athanasios Chymis, pages 57-60


Special topics


The distributional impact of inflation,
Nikolaos C. Kanellopoulos, pages 61-80


Export performance and growth in the Eurozone for the period 2007-2021,
Ioanna Konstantakopoulou, Pantelis Argyropoulos, pages 81-101


The effect of income distribution and private debt on aggregate demand during the period 1980-2019 in Greece
Emilia G. Marsellou, pages 102-115