Greece: Growth in the first quarter of 2022 at 7%

Greek GDP grew by 7% in the first quarter of 2022 compared to the first quarter of 2021, according to Hellenic Statistical Authority – ELSTAT data.

Based on the available seasonally adjusted data, the Gross Domestic Product (GDP) in terms of volume, during the 1st quarter of 2022 showed an increase of 2.3%, compared to the 4th quarter of 2021, while compared to the 1st quarter of 2021 showed an increase by 7.0%.

Where is the rise due?

It is worth noting that the total final consumption expenditure increased by 10.5% compared to the 1st quarter of 2021, while gross fixed capital formation increased by 12.7% compared to the 1st quarter of 2021.

Exports of goods and services increased by 9.6% compared to the 1st quarter of 2021.

Exports of goods increased by 2.5%, while exports of services increased by 23.0%.

Imports of goods and services increased by 17.5% compared to the 1st quarter of 2021.

Imports of goods increased by 17.8% and imports of services increased by 15.5%.

Quarterly changes

Total final consumption expenditure increased by 2.5% compared to the 4th quarter of 2021.

Gross fixed capital formation increased by 3.7% compared to the 4th quarter of 2021.

Exports of goods and services decreased by 3.6% compared to the 4th quarter of 2021.

Exports of goods decreased by 0.3%, while exports of services decreased by 5.4%.

The forecast bar is lowered

It is worth noting that both the financial staff and the financial institutions as well as various companies have already lowered their forecasts for the course of the Greek economy. The forecasts of the financial staff were included in the Stability Program, which forecasts growth at 3.1% for 2022 and an increase for 2023 at 4.8%. The basic scenario of the bank predicts a growth of GDP by 3%, Fitch sees that the recovery of the Greek economy will continue this year, supported by the further growth of tourism and the flows of the Recovery Fund. The rating agency recently reduced its forecast for GDP growth to 3.5% in 2022 (from 4.1% previously). ING has also downgraded its forecasts for the development of the Greek economy, forecasting rates of 2.9% for 2022 (from 3.9% previously). In its unfavorable scenario, Eurobank sees growth of only 1.4% for 2022.