The gradual economic recovery is poised to continue this year on quickening domestic demand. The sustained improvement in the labor market should bolster private consumption, while strengthening confidence and tax breaks should stimulate capital spending.
Softening Eurozone demand and competition from other tourist destinations in the Mediterranean cloud the outlook. Our team see GDP expanding 2.2% in 2020, which is unchanged from last month’s (March 2020) forecast, and 2.0% in 2021.
So, is all now well? The answer is still “no”. The challenges ahead remain huge, but there is occasion for some optimism and since our focus here is the real estate market of Chania, Crete we can ensure you that there are some great opportunities to invest!