Greece’s GDP growth reached 6.1% y-o-y in FY:2022, strongly outpacing the euro area average (+3.5% y-o-y) for a second consecutive year. The strong annual growth outturn mainly reflects:
✓ an upward revision in Q3:2022 GDP growth to 4.4% y-o-y from 2.8% y-o-y, due to the significantly decreased drag from energy subsidies, compared with the initial Q3 estimates; a revision we had foreseen in our note of December 14, 2022.
✓ an acceleration in GDP growth to 5.2% y-o-y in Q4:2022 (+1.4% q-o-q s.a.), driven by buoyant domestic demand.
Investment spending has accelerated further in Q4:2022 (14.8% y-o-y, 8.5% q-o-q, s.a.), with GFCF’s share in GDP increasing to 14.6% compared to a 10-year average of 11.4%
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