The Greek economy recorded strong growth of 2.1% in the first quarter, while the government has set the bar for the whole of 2024 at 2.5% and the Commission estimates growth at 2.2%. 

Specifically, total final consumption expenditure increased by 1.1%, while gross fixed capital formation increased by 2.9% and exports of goods and services decreased by 5.7%.

Based on the available seasonally adjusted data, the Gross Domestic Product (GDP) in volume terms in Q1 2024 showed an increase of 0.7% compared to Q4 2023, while compared to Q1 2023, it showed an increase of 2.1%.

Based on non-seasonally adjusted data, the Gross Domestic Product (GDP) in volume terms in Q1 2024 showed an increase of 1.9% compared to Q1 2023.

It should be noted that as the seasonally adjusted figures are recalculated each time a new quarter is added to the time series, the effect of the seasonal correction process, especially in periods of strong fluctuations in the underlying variables, is reflected in the marked revision
in particular of the most recent quarters in the series.

The changes in the main macroeconomic aggregates in volume terms with seasonal adjustment are as follows:

QUARTER

Total final consumption expenditure increased by 0.2% quarter-on-quarter in Q4 2023. Gross fixed capital formation increased by 7.1% compared to Q4 2023.

Exports of goods and services decreased by 2.4% compared to Q4 2023. Exports of goods decreased by 2.7%, while exports of services increased by 0.5%. Imports of goods and services decreased by 0.6% compared to Q4 2023. Imports of goods decreased by 1.7%, while imports of services increased by 2.1%.

ANNUAL

Total final consumption expenditure increased by 1.1% compared to Q1 2023.

Gross fixed capital formation increased by 2.9% compared to Q1 2023.

Exports of goods and services decreased by 5.7% compared to Q1 2023. Exports of goods decreased by 8.8%, while exports of services increased by 1.5%. Imports of goods and services increased by 3.1% compared to Q1 2023. Imports of goods increased by 2.5% and imports of services increased by 4.8%.

STATEMENT OF MINISTER

"The GDP data for the first quarter of 2024 confirms the correctness of economic policy and sets the basis for achieving the growth and fiscal targets for the year," said Minister of National Economy and Finance Kostis Hatzidakis on the X platform (formerly Twitter), commenting on the ELSTAT data.

He added that "the Greek economy continues to grow at a rate several times higher than the EU average. He said meaningfully, "This is the only path to convergence, not the magic formulas others have promised."