ELSTAT: At 7.7% growth in the second quarter

The high flights of the Greek economy continue.

Very strong growth was also recorded in the second quarter of this year in the Greek economy, in the midst of the war in Ukraine, with the rise in GDP by 7.7% based mainly on the increase in consumption, investments and exports.

At the same time, ELSTAT revised the growth of the first quarter upwards to 8% from 7% of the first estimate.

In a monthly comparison (2nd quarter to 1st quarter), GDP increased by 1.2%.

Also according to ELSTAT, the data for the second quarter reflect the impact on GDP of the gradual lifting of the restrictive measures that had been put in place to limit the pandemic.

The increase in GDP by 7.7% on an annual basis came from the changes in the following quantities:

• Total final consumption expenditure showed an increase of 8.1% (household consumption increased by 11% and that of the General Government by 0.8%).
• Private investment (gross fixed capital investment) increased by 8.7%.
• Exports of goods and services showed an increase of 20.8% (exports of goods increased by 3.3%, while exports of services increased by 47.4%).
• Imports of goods and services showed an increase of 15.5% (imports of goods increased by 17.5% and imports of services increased by 9.3%).

Between the second and first quarters of this year, the following changes were recorded:

• Total final consumption expenditure increased by 1.2% (household consumption increased by 1.2% and general government consumption increased by 1.4%).
• Private investment (gross fixed capital investment decreased by 1%).
• Exports of goods and services showed an increase of 2.5% (exports of goods increased by 2.4%, while exports of services increased by 7.2%).
• Imports of goods and services showed an increase of 5.8% (imports of goods increased by 5.6%, while imports of services increased by 7.6%).

RES-EMP

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