The growth rate of the Greek economy rose to 2.3% in the second quarter of this year according to ELSTAT data.

In particular, based on the available seasonally adjusted data, the Gross Domestic Product (GDP) in volume terms, during the 2nd quarter of 2024 showed an increase of 1.1%, compared to the 1st quarter of 2024, while compared to the 2nd quarter of 2023 showed an increase of 2.3%. On a non-seasonally adjusted basis, Gross Domestic Product (GDP) in volume terms increased by 2.7% in Q2 2024 compared to Q2 2023.

ELSTAT data in detail

ELSTAT points out that as the seasonally adjusted figures are recalculated every time a new quarter is added to the time series, the effect of the seasonal correction process, especially during periods of sharp fluctuations in the underlying figures, is reflected in the noticeable revision especially of the most recent quarters of the series.

The changes of the main macro-economic parameters in terms of seasonally adjusted volume are as follows:

1. Quarterly changes

  • Total final consumer spending increased by 0.3% compared to Q1 2024.
  • Gross fixed capital formation increased by 0.8% compared to the 1st quarter of 2024.
  • Exports of goods and services showed an increase of 2.5% compared to the 1st quarter of 2024. Exports of goods increased by 5.2%, while exports of services increased by 1.0%.
  • Imports of goods and services showed an increase of 6.1% compared to the 1st quarter of 2024. Imports of goods increased by 7.8%, while imports of services increased by 2.2%. 1 Seasonal and calendar correction 2 Chained volume indicators

2. Annual changes

  • Total final consumer spending showed an increase of 0.9% compared to the 2nd quarter of 2023.
  • Gross fixed capital investment increased by 3.9% compared to Q2 2023. o Exports of goods and services increased by 2.1% compared to Q2 2023. Exports of goods increased by 2 .0%, while exports of services increased by 2.8%.
  • Imports of goods and services showed an increase of 9.6% compared to the 2nd quarter of 2023. Imports of goods increased by 10.5% and imports of services increased by 6.9%.

Post Mitsotakis

“I want to share today some encouraging news coming from Eurostat, according to which the Greek economy grew at the second highest rate in the European Union in the second quarter of 2024 compared to the first quarter,” the Prime Minister wrote on X.

Hatzidakis: “We had the 2nd highest growth rate in the EU”

“In the 2nd quarter we had the second highest growth rate in the European Union!. I imagine it is indifferent to the preachers of nihilism”… This was commented by the Minister of National Economy and Finance Kostis Hatzidakis in a post on social media, referring to ELSTAT data, according to which the Greek economy grew in the 2nd quarter of the year by 2.3 % compared to the corresponding period of 2023.

Hatzidakis