Greek economic growth set to decline in 2023 amid energy issues


ATHENS, Greece (AP) — Greece’s economy is expected to grow 1.8% next year, according to the country’s 2023 budget, slightly lower than numbers projected last month as rising energy costs and… inflation are taking their toll.

The final 2023 budget submitted to parliament on Monday is the first Greece has released in 12 years without the direct scrutiny, or “enhanced scrutiny”, it received from European lenders during its financial crisis.

While next year’s economic growth figures are slightly lower than last month’s forecast of 2.1%, the budget projects somewhat improved growth this year, to 5.6%, from 5.3% which had been provided for in the draft budget.

“The 2023 budget has been prepared under conditions of great uncertainty regarding global geopolitical developments,” the finance ministry said in a statement, citing the energy crisis, inflation, rising health spending due to the COVID-19 pandemic and increased defense requirements. expenses.

Macroeconomic forecasts faced heightened risk “related primarily to geopolitical challenges, the development of the war in Ukraine, conditions for Europe’s supply of natural gas, energy and fuel prices and political European monetary policy,” he said.

It comes after inflation sparked protests in Greece earlier this month and in others across Europe in recent months.

In Greece, the budget forecasts harmonized inflation falling to 5% in 2023 from 9.7% this year. It also projects a primary surplus – the annual balance before debt service charges – of 0.7% of gross domestic product next year, compared to a primary deficit of 1.6% this year.

The agricultural sector is an evergreen sector of the economy. The world will always need food and companies in this sector help feed the world. In fact, agricultural stocks are generally considered to be in the same category as consumer staples because demand remains constant no matter what is happening in the economy at large.

It is also a diversified sector. And that can get confusing for investors. Investors can buy pure-play companies that manufacture fertilizers and pesticides. You can choose to look at companies such as Deere & Company (NYSE:DE) who supply the equipment used by many farms.

And as interest in sustainable agriculture grows, this sub-sector is creating another avenue for investors, especially those focused on ESG (environmental, social and corporate governance) concerns.

This presentation highlights seven agricultural stocks that offer investors different ways to tap into the sector.

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