Greek economy continues to show significant resilience in adverse and uncertain economic conditions. This was stated by Acting Minister of Finance Theodoros Pelagidis, commenting on the ELSTAT report on GDP growth of 2.1% in the first quarter of this year. He also stated that conditions are emerging for stronger economic growth for the Greek economy compared to the European average for 2023.

The detailed statement of Mr. Pelagidis is as follows:

“In an unfavorable and uncertain international economic environment, the results of the national accounts for the first quarter of 2023 were released today. sizes. According to the available seasonally adjusted data, the gross domestic product (GDP) in physical terms showed an increase of 2.1% in the first quarter of 2023. The increase was significant both in personal consumption (growth by 2.3%) and in fixed capital investment (growth by 8.2%).

However, the most important result is the positive dynamics of the current account balance. In particular, exports of goods and services showed an increase of 8.9% compared to the first quarter of 2022, while imports of goods and services showed a lower growth of 5.6% compared to the first quarter of 2022.

In particular, the export of goods increased by 10.6%, while the import of goods increased by only 3.2%. These positive developments are taking place despite the fact that the costs of the Greek economy are growing faster than those of its trading partners. This indicates significant progress in improving the competitiveness of domestically produced goods.

The main components of GDP (investment, exports, consumption) show significant growth and highlight the conditions for stronger economic growth of the Greek economy compared to the European average for 2023. These figures are even observed despite (a) seasonal changes in stocks. , resulting in a 0.7% decrease in total gross capital formation when gross fixed capital formation increased by 8.2%, and (b) a revision of the 2022 Q1 growth rate estimate to 7.8% from 7.5%, which creates a “negative base effect” in the calculation of GDP in the first quarter of 2023.”