The Greek economy achieved a growth rate of 2% in 2023, according to the first estimates of ELSTAT with the performance of Q4 at 1.2% on an annual basis, as reported by ot.gr.
The rhythm is slower than estimated of the government which expected a 2.4% increase in GDP, but also of the European Commission which estimated the growth rate at 2.2%.
It is noted that for 2024 the government bases its planning on a GDP growth rate of 2.9%. The Commission estimates that Greece’s GDP will increase by 2.3%.
GDP data
More in detail, based on the first estimate, the Gross Domestic Product (GDP) in volume terms in 2023 amounted to 194.5 billion euros compared to 190.7 billion euros in 2022, showing an increase of 2.0%.
In Q4 2023 GDP increased by 0.2% compared to Q3 2023 and compared to Q4 2022 it increased by 1.2%.
On a non-seasonally adjusted basis, Gross Domestic Product (GDP) in volume terms in Q4 2023 increased by 1.1% compared to Q4 2022.
Quarterly changes
- Total final consumer spending increased by 1.2% compared to Q3 2023.
- Gross fixed capital formation decreased by 2.6% compared to the 3rd quarter of 2023.
- Exports of goods and services showed an increase of 0.4% compared to the 3rd quarter of 2023. Exports of goods decreased by 0.5%, while exports of services increased by 0.8%.
- Imports of goods and services showed an increase of 1.9% compared to the 3rd quarter of 2023. Imports of goods increased by 1.2%, while imports of services increased by 4.4%.
Annual changes
- Total final consumer spending showed an increase of 1.8% compared to the 4th quarter of 2022.
- Gross fixed capital formation decreased by 5.7% compared to the 4th quarter of 2022.
- Exports of goods and services showed an increase of 2.1% compared to the 4th quarter of 2022. Exports of goods decreased by 1.6%, while exports of services increased by 4.7%.
- Imports of goods and services showed an increase of 0.03% compared to the 4th quarter of 2022. Imports of goods increased by 1.6% and imports of services decreased by 4.0%.
GDP in 2023 in volume terms amounted to 194.5 billion euros against 190.7 billion euros in 2022 showing an increase of 2%. This increase is due to the individual changes recorded by GDP component.
GDP at current prices in 2023 amounted to 220.3 billion euros compared to 206.6 billion euros in 2022, showing an increase of 6.6%.
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