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Financial News: Greece GDP Growth Improves In Q1

Greece GDP Growth Improves In Q1

06/07/2022 - 10:40:00 (RTTNews)

(RTTNews) - Greece's economy expanded at a faster pace in the three months ended March, underpinned by strong domestic demand and investment, preliminary figures from the Hellenic Statistical Authority showed on Tuesday.

Gross domestic product advanced a seasonally adjusted 2.3 percent sequentially in the first quarter, faster than the revised 0.8 percent rise in the fourth quarter.

The annual economic growth eased to 7.0 percent in the March quarter from 8.1 percent in the December quarter.

On the expenditure side, total final consumption grew 2.5 percent from the previous quarter and gross fixed capital formation increased 3.7 percent.

Meanwhile, both exports and imports fell by 3.6 percent and 5.6 percent, respectively.

Without adjustments, GDP advanced 7.9 percent year-over-year in the first quarter, following a 7.4 percent expansion seen in the preceding three-month period.

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