Greece: Economic growth records slowest increase since Q1 2021 in Q4
GDP growth lost momentum, falling to 7.7% in the fourth quarter, from 11.4% in the third quarter. Q4’s reading marked the slowest expansion since Q1.
Private consumption increased 9.7% in the fourth quarter, which was below the third quarter’s 10.8% expansion. Government spending dropped 0.8% (Q3: +5.6%). Meanwhile, fixed investment growth accelerated to 24.1% in Q4, from the 19.3% increase in the prior quarter.
On the external front, exports of goods and services growth fell to 24.1% in Q4, marking the worst reading since Q1 2021 (Q3: +49.4%). Conversely, imports of goods and services growth picked up to 33.2% in Q4 (Q3: +19.4%).
On a seasonally-adjusted quarter-on-quarter basis, economic growth slowed notably to 0.4% in Q4, following the previous quarter’s 2.7% growth. Q4’s reading marked the worst since Q2 2020.
Moving on to Q1 2022, the economy should have lost some momentum, as the PMI deteriorated in January–February, while industrial output contracted in January. That said, incoming data is positive: improved sentiment among firms and consumers suggests better dynamics for investment and consumption in the current quarter. Meanwhile, eased restrictions for tourists from Australia, Canada and the U.S. bode well for tourism in the quarter.