The Greek economy grew by 2.7% in the second quarter of 2023 compared with the same period last year, and by 1.3% in comparison with the first quarter of 2023, Hellenic Statistical Authority said on Wednesday.
The statistics service said that the Greek GDP grew 2.0% in the first quarter of 2023 and reminded that the country's GDP grew 7.1% in the second quarter of 2022 (annually) and rose 0.5% on a quarterly basis.
Final consumption spending grew 2% in the second quarter (households up 3.2%, general government down 1.4%), private investments (gross fixed capital investments) rose 7.9%, exports of goods and services rose 0.1% (exports of goods fell 1.8%, while exports of services rose 1.3%). Imports of goods and services rose 0.6% (goods fell 1.2% and services rose 6.1%).
Quarterly, final consumption spending rose 0.2% (households up 0.9% and general government down 1.8%), private investments rose 0.3%, exports fell 1.2% and imports rose 1%.
Greek trade deficit shrank by 21% in July as imports fell more than exports in the month, Hellenic Statistical Authority said in a report on the country's merchandise trade. More specifically, the value of imports totalled 6.721 billion euros in July, down 17% from July 2022 (excluding oil products imports fell 3.9% while excluding oil products and ships imports fell 4%).
The value of exports totaled 4.266 billion euros in July, down 14.5% from July 2022 (excluding oil products exports fell 5.6% while excluding oil products and ships exports fell 5.6%).
The trade deficit totaled 2.455 billion euros, down 21% from July 2022 (excluding oil products the deficit was down 1.3% while excluding oil products and ships the deficit fell 1.5%).
In the seven-month period from January to July, imports totaled 47.458 billion euros, down 9.1% from the same period in 2022 (excluding oil products imports fell 1.7% while excluding oil products and ships imports fell 1.9%).
Exports totaled 30.110 billion euros in the seven-month period, down 3% from the same period last year (excluding oil products exports were up 4.3% while excluding oil products and ships export rose 3.9%).
The trade deficit was 17.347 billion in January-July, down 18.2% from 2022 (excluding oil products the deficit was down 9.7% while excluding oil products and ships the deficit fell 9.5%).
Meanwhile, the Greek government will unveil this autumn a package of measures to support vulnerable households, families with more than three children and people living in areas of increased energy needs who are forced to spend a significant part of their income on energy, Environment and Energy Minister Theodore Skylakakis said in an interview with AMNA.
Skylakakis announced that a new framework to combat strategic bad payers in the energy market will be unveiled in the next few months with cross-checking of incomes, assets, deposits, etc, and to combat stealing of electricity which cost 4% on the country's electricity bills.
"Those who steal electricity will pay dearly," he noted.
Skylakakis noted that energy cost was one of the main concerns for businessmen and that the government's top priority was to enhance predictability of energy costs and the resistance of enterprises on sharp energy swings, using renewable energy sources as the main tool, combined with raising available electricity through strengthening grids, installing smart electricity meters and rapidly raising energy storage.
At the same time, the government promotes energy saving programmes and encourage the signing of PPAs to facilitate more direct access of enterprises in the energy market.
He also said that an existing electricity pricing system will be extended until December 31, 2023, offering regulatory authorities and suppliers enough time to prepare for the transition towards a new framework.
He stressed that the country was not expected to experience any short of big problems with energy supplies during the winter, since the government has managed to significantly increase LNG storage facility, deepening regional cooperation.
A FSRU terminal in Alexandroupolis - scheduled to begin in the next few months - will significantly reduce the dependence of the region from Russian natural gas, releasing a significant export potential from Greece to the Balkans.
At the same time, test operations of a modern lignite unit in Ptolemaida has begun, he noted.
READ MORE: Aegean Airlines reports strong growth in H1.
