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Greece’s economy grew by 7.7% in Q2, says ELSTAT

The Gross Domestic Product (GDP) increased by 1.2% in the second quarter of 2022 in comparison with the first quarter of the year, while in comparison with the second quarter of 2021, it increased by 7.7%, according to the Hellenic Statistical Authority ELSTAT on Wednesday.

Growth rates of major macroeconomic aggregates based on seasonally adjusted data year-on-year are as follows:

– Total final consumption expenditure recorded an increase of 8.1% in comparison with the second quarter of 2021.

– Gross fixed capital formation (GFCF) increased by 8.7% in comparison with the second quarter of 2021.

– Exports of goods and services increased by 20.8% in comparison with the second quarter of 2021.

– Exports of goods increased by 3.3%, and exports of services increased by 47.4%.

– Imports of goods and services increased by 15.5% in comparison with the second quarter of 2021.

– Imports of goods increased by 17.5%, and imports of services increased by 9.3%.

Growth rates of major macroeconomic aggregates based on seasonally adjusted data in volume terms quarter on quarter are as follows:

– Total final consumption expenditure increased by 1.2% in comparison with the first quarter of 2022.

– Gross fixed capital formation (GFCF) decreased by 1.0% in comparison with the first quarter of 2022.

– Exports of goods and services increased by 2.5% in comparison with the first quarter of 2022.

– Exports of goods increased by 2.4% while exports of services increased by 7.2%.

– Imports of goods and services increased by 5.8% in comparison with the first quarter of 2022.

– Imports of goods increased by 5.6%, while imports of services increased by 7.6%.

“In one of the most difficult and tumultuous periods of modern world history, the Greek economy has not only shown resilience, but is becoming stronger, and even presents favourable prospects, given of course the significant challenges of the time,” Finance Minister Christos Staikouras said on Wednesday, commenting on ELSTAT’s release of the GDP figures for the second quarter.

Staikouras pointed out that, after the latest data, GDP growth in 2022 will be higher than the initial estimates.

He added that the priority of the economic policy is “dealing with the energy crisis and its effects, so that we can overcome this test and continue on the path of high and sustainable growth, the creation of many well-paid new jobs and the strengthening of social cohesion.”

ELSTAT press release here

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One comment

  1. so, in the past couple years it shrunk by what, say a cool 20% at least, and in the past decade it shrunk by , maybe 40%.. and up 7.7%? and how is that measured? in euros? havent prices also risen by at least that much in the same time? so maybe the economy has shrunk even further, but on some disneyland balance sheet it looks like a bigger number so it’s time to congratulate ourselves and pay ourselves a bonus (to be sure keeping ahead of that 7.7% there, like kosti xatzhdakh over at DEH, from 50k in ’18 to over a million in ’20 while our power bills bankrupt the common man?)

    the whole thing sounds more like a pile of boll*cks that they dont even pretend to be taking seriously themselves anymore.