Greece’s growth rates stood at relative high levels in the first quarter of the year. According to the data released by the national statistics service ELSTAT, Greece’s GDP rose 2.1% in the first quarter compared to the same period a year earlier, with the economy picking up speed compared to the last months of 2023.
Investments offer support, while consumption also appears resilient. However, Greek exports declined.
Compared to the previous quarter, GDP grew by 0.7%, led by investments.
The fourth quarter of 2023 was revised slightly up to 1.3% on an annual basis (vs. a previous estimate of 1.2%) and 0.3% on a quarterly basis.
Quarterly changes
In relation to the previous quarter:
Total final consumer spending increased by 0.2% compared to the last quarter of 2023.
Gross fixed capital rose 7.1% compared to the last quarter of 2023.
Exports of goods and services fell 2.4% compared to the fourth quarter of 2023. Exports of goods dropped 2.7%, while exports of services increased by 0.5%.
Imports of goods and services fell 0.6% compared to the fourth quarter of 2023. Imports of goods decreased by 1.7%, while imports of services increased by 2.1%.
Annual changes
Total final consumer spending showed an increase of 1.1% compared to the first quarter of 2023.
Gross fixed capital rose 2.9% compared to the first quarter of 2023.
Exports of goods and services dropped 5.7% compared to the first quarter of 2023. Exports of goods decreased by 8.8%, while exports of services increased by 1.5%.
Imports of goods and services rose 3.1% compared to the first quarter of 2023. Imports of goods increased by 2.5% and imports of services also increased by 4.8%.
