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.
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.