The Hellenic Statistical Authority (ELSTAT) revised downwards the estimates for nominal GDP in 2022 to 206.6 billion euros from 208 billion euros.
The estimate for real GDP growth was also downgraded to 5.6% from 5.9% which was the first estimate, and it now stands at 190.65 billion euros from 192.06 billion euros.
Therefore, all indicators based on nominal GDP were revised downwards, including the debt-to-GDP ratio. The latter is now revised to 172.6% of GDP in terms of general government debt (356.6 billion euros based on 2022 data) and to 193.7% in terms of public administration debt (400.27 billion euros at the end of 2022). The percentages until now were 171.4% and 192.4% respectively, so there is a deterioration in the ratio of the order of 1.2 percentage points.
The revision of GDP for 2022 compared to the first estimate announced in March 2023 is mainly due to the incorporation of data from the household budget survey 2022, as well as updated general government data on public consumption, subsidies and taxes on the products. The figures of the general government that have been significantly revised are the subsidies on energy-related products.
Meanwhile, based on the revised data, the Gross Domestic Product (GDP) showed an increase of 13.8% at current prices in 2022 compared to 2021. The final consumption expenditure increased 12.0% at current prices in 2022 compared to the previous years. Imports of goods and services rose 37.6% in 2022 compared to 2021 while exports of goods and services also rose 36.6% in the same period.
