ΕΛΣΤΑΤ
- 30 Apr 2023
- economy
Growth finally reached 5.9% for 2022 against the 5.6% predicted by the budget, driven by the increase in investment and private consumption. For the 4th quarter, the Greek economy grew at a rate of 5.2%, according to ELSTAT.
In particular, the GDP at current prices in 2022 amounted to 208.0 billion euros compared to 181.7 billion euros in 2021, showing an increase of 14.5%.
According to ELSTAT, the increase in GDP by 5.9% was shaped by the increase in private consumption by 5.5%, which is analyzed in a large increase - despite high inflation - in household consumption by 9.7 billion (+7, 8%) compared to a decrease in public consumption by approximately 600 million euros (-1.6%).
But certainly the most powerful driver of GDP growth was investments, which in 2022 recorded a 21.2% increase, with a net increase of 6.6 billion euros.
Exports, although they had an increase of 3.7 billion euros (+4.9%), did not manage to overcome the increase of 7.8 billion (+10.2%) of imports, mainly due to the ever higher energy prices , food and raw materials.
At 5.9% the growth of the Greek economy in 2022
Revisions
In the first assessment for the growth of 2022, ELSTAT revised its estimates for the growth of the GDP from the first to the third quarter of the year.
Specifically, for the first quarter of the year, it revised growth from 7.9% to 7.5%, while for the second quarter, it revised growth from 7.1% to 7.3%. The most significant increase concerns the third quarter of 2022, with ELSTAT raising the growth rate to 4.4% from the 2.8% it forecast in December.
The revision has also included the taxation of surplus revenues from electricity producers that were not calculated in the first estimate, which only took into account the high costs of the support measures. He emphasizes, however, that during the second estimate of GDP for 2022, both expenditure and windfall revenues will be re-examined in the light of more complete data that will then be available.
The 4th quarter
The increase of 5.2% for the 4th quarter of the year was shaped by the large increase in investment and consumption, while an important role was also played by the decline in energy prices which reduced the cost of imports.
Specifically for the period October - December:
- Total final consumer spending showed an increase of 2.4% compared to the 4th quarter of 2021.
- Gross fixed capital investment increased by 14.8% compared to the 4th quarter of 2021.
- Exports of goods and services decreased by 3.5% compared to the 4th quarter of 2021. Exports of goods decreased by 3.3%, while exports of services decreased by 5.1%.
- Imports of goods and services showed an increase of 7.5% compared to the 4th quarter of 2021. Imports of goods increased by 4.8% and imports of services increased by 12.9%.
