Agência para o Investimento e Comércio Externo de Portugal


Q3:2022 GDP likely stronger than headline figure, due to excessive statistical adjustments

Greece’s GDP growth slowed significantly to +2.8% y-o-y in Q3:2022 (-0.5% on a q-o-q s.a. basis) from +7.1% y-o-y in Q2:2022, due to a sizeable, and surprising, drag from net exports (-2.0 pps) and an expected decline in government consumption (-1.0 pp).


Private domestic demand remained resilient to the inflation shock, with private consumption increasing by a solid 6.2% y-o-y and gross fixed capital formation by 7.7% y-o-y, nearly double the average demand growth in the euro area.


The negative impact of net exports reflects broadly stable total exports (+0.9% y-o-y, in constant price terms) compared with a faster growth in total imports (+5.2% y-o-y), due to resilient domestic demand.


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