GDP in Greece
Greece - GDP (billions of Euros)
GDP growth records slowest increase since Q1 2021 in Q2
GDP growth slowed to 7.7% seasonally adjusted year on year in the second quarter, from 8.0% in the first quarter. Q2's reading marked the worst result since Q1 2021. On a seasonally-adjusted quarter-on-quarter basis, economic growth slowed notably to 1.2% in Q2, compared to the previous quarter's 2.9% increase.
The slowdown in annual growth was caused by softening private consumption and fixed investment. Private consumption growth fell to 11.0% in Q2, dented by rising price pressures and marking the weakest expansion since Q1 2021 (Q1: +11.9% yoy). Moreover, fixed investment growth fell to 8.7% in Q2, marking the worst reading since Q4 2020 (Q1: +13.0% yoy). That said, government spending rebounded, growing 0.8% in Q2 (Q1: -0.1% yoy).
Exports of goods and services growth accelerated to 20.8% in Q2 (Q1: +9.8% yoy). Conversely, imports of goods and services growth moderated to 15.5% in Q2 (Q1: +18.1% yoy).
The relatively steady growth rate was supported by a base effect and the gradual lifting of Covid-19 measures likely boosting tourism activity. Turning to Q3 2022, elevated price pressures and a slowing global economy appear to be causing growth to weaken. That said, tourist arrivals and revenues should exceed pre-Covid records, buttressing growth ahead.
FocusEconomics panelists see GDP growing 4.4% in 2022, which is up 0.2 percentage points from last month’s projection. In 2023, the panel sees the economy expanding 2.3%.
Greece - GDP (EUR bn) Data
|GDP (EUR bn)||177||176||180||185||187|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.91||0.76 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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December 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 48.4 in November, up from October's 48.1.
November 17, 2022
Harmonized inflation came in at 9.5% in October, which was down from September’s 12.1%.
November 10, 2022
Industrial output dropped 1.1% year on year in working-day adjusted terms in September (August: +4.4% yoy).
November 3, 2022
September’s data pointed to an improvement in the labor market.
November 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.1 in October from September's 49.7.