The Greek economy showed a growth rate of 2.7% in the second quarter, on an annual basis, against the 2.1% expected by the market, according to the consensus estimates, and against the revised figures for growth of 2% in the first quarter.

According to ELSTAT data, consumer spending increased by 2% compared to the corresponding quarter last year, while investments showed a 7.9% increase.

Exports were weak, showing an increase of just 0.1%, with goods exports showing a decline.

Compared to the first quarter of the year, GDP increased by 1.3%, compared to revised figures that showed zero growth in the previous quarter.

The government’s official target is for growth of 2.3% for the year as a whole.

On a quarterly basis

  • Total final consumer spending increased by 0.2% compared to Q1 2023.
  • Gross fixed capital formation increased by 0.3% compared to the 1st quarter of 2023.
  • Exports of goods and services showed a decrease of 1.2% compared to the 1st quarter of 2023. Exports of goods decreased by 9.8%, while exports of services increased by 1.4%.
  • Imports of goods and services showed an increase of 1.0% compared to the 1st quarter of 2023. Imports of goods increased by 1.4%, while imports of services increased by 0.2%.

On an annual basis

  • Total final consumer spending showed an increase of 2.0% compared to the 2nd quarter of 2022.
  • Gross fixed capital formation increased by 7.9% compared to Q2 2022.
  • Exports of goods and services showed an increase of 0.1% compared to the 2nd quarter of 2022. Exports of goods decreased by 1.8%, while exports of services increased by 1.3%.
  • Imports of goods and services showed an increase of 0.6% compared to the 2nd quarter of 2022. Imports of goods decreased by 1.2% and imports of services increased by 6.1%.