Greek GDP Grows 2.1% in Q1 2024

GDP Euro bank notes

Greece's GDP saw a 2.1% rise in the first quarter of 2024 compared to the same period in 2023, reaching €56.637 billion at current prices, according to provisional data from the Hellenic Statistical Authority.

The GDP also increased by 0.7% compared to the fourth quarter of 2023.

The annual GDP growth of 2.1% was driven by several key changes:

- Total final consumption expenditure increased by 1.1%, with household consumption up by 2.2% and government consumption down by 4%.
- Private investment (gross fixed capital investment) rose by 2.9%.
- Exports of goods and services declined by 5.7%, with goods exports falling 8.8% and services exports rising 1.5%.
- Imports of goods and services increased by 3.1%, with goods imports up by 2.5% and services imports up by 4.8%.

Compared to the fourth quarter of 2023, the changes were as follows:

- Total final consumption expenditure grew by 0.2%, with household consumption up by 0.2% and government consumption down by 2.7%.
- Private investment surged by 7.1%.
- Exports of goods and services decreased by 2.4%, with goods exports down by 2.7% and services exports up by 0.5%.
- Imports of goods and services dropped by 0.6%, with goods imports falling by 1.7% and services imports rising by 2.1%.

This growth in GDP highlights the resilience of the Greek economy, despite fluctuations in trade dynamics and government expenditure. The positive trend in private investment and household consumption points to a strengthening domestic economy.

Read more: Greek economy

(Source: Amna)

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