ELSTAT’s GDP figures confirm the dynamics of the Greek economy, commented, among others, the Minister of National Economy and Finance Kostis Hatzidakison the occasion of ELSTAT’s assessment of growth last year, but also the revisions of previous years.

Specifically, the following are mentioned in a ministry announcement:

Estimate for GDP growth of 2.3% for 2023 instead of 2% and an increase in investments by 6.6% instead of an initial estimate of 4%, include the revised data for the years 1995-2022 announced today by the Hellenic Statistical Authority (ELSTAT), in the context of the 2nd estimate of the Annual National Accounts of 2023. The changes in ELSTAT’s methodology they include the usual revisions that are made during this period throughout the European Union.

Some important conclusions that emerge from the reviewed data:

1. Real GDP growth for 2023 is revised to 2.3% from 2%. The nominal GDP revised up by a cumulative €5bn to €225.2bn in 2023 from €220.3bn previously.

2. Investments grew at a rate of 6.6% in 2023 compared to 4% before the revision. It is noted that these figures are very close to the 2023 budget estimates of real growth of 2.4% and investment growth of 7.1%.

3. Investments especially in the period 2019 – 2023 increased at constant prices by 53.4%, against 41.4% which was the previous estimate. At current prices in 2023 they amounted to 34.2 billion euros against 30.6 billion euros which was the previous estimate, by 3.6 billion euros higher. The increase in investment is anyway the largest in the European Union.

4. Cumulatively we had 6.8% real GDP growth 2019 – 2023, compared to 5.8% previously. It is noted that the Eurozone had real GDP growth of 3.5% over the same period, less than half that of Greece, and the EU-27 had a rate of 4%.

5. Growth has been revised upwards for each of the years 2019-2023 with an average growth rate of 2%, compared to 1.7% previously.

6. GDP per capita growth for 2022-2023 revised upwards to 2.8% from 2.5%, the second best performance in the EU-27. Cumulative real GDP growth per capita was revised upwards to 8.7%, from 7.8% for 2019-2023.

7. Due to the revision, the debt-to-GDP ratio is estimated to improve by around 3.5 percentage points. This means that, combined with the repayment of GLF loans of €7.9 billion, the impact of any retroactive inclusion of EFSF interest in the debt-to-GDP ratio is almost entirely absorbed.

The Minister of National Economy and Finance, Kostis Hatzidakis, said: “The upward revision of the ELSTAT figures comes to strengthen the image of an economy on a path of dynamic development, with growth rates that are consistently among the highest in Europe. Of course, no one claims that our country suddenly became an economic superpower. But the economic data show that the Greek economy is making strides forward, boosted by the significant increase in investment, which according to the revised data amounted to 6.6% for 2023. These performances are certainly positive, but they are by no means case reason to rest. We must build on this progress and move forward with reforms aimed at a modern and fair economy with increased incomes, support for entrepreneurship and more opportunities for all.”