Greek GDP shot up 5.6% in 2022

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Greek GDP grew 5.6% in 2022 compared with 2021, according to revised data released by the Hellenic Statistical Authority on Wednesday.

More specifically, final consumption spending grew 6.2% (household spending rose 7.6% and general government spending rose 2.1%).

Import of goods and services rose 7.2%, while exports of goods and services was up 6.2%. Gross capital formation rose 5.5% in 2022 and gross fixed capital formation jumped 11.7%.

Meanwhile, the war between Israel and Hamas could lead the Eurozone into stagflation, Bank of Greece governor Yannis Stournaras said on Wednesday.

In comments made to the newspaper "Financial Times", the Greek central banker said that the war could create new challenges for the European economy, from a turbulence in the energy market to an influx of refugees, adding that since the Eurozone remained a big net energy importer, the conflict could have a stagflationary impact.

He noted that the crisis in the Middle East shifted the balance against those who wished any further tightening in monetary policy.

READ MORE: Economic Reversal - IMF says Greece is in the top 5 most resilient Eurozone economies.

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