Financial News: Greek Economy Expands 1.4% In Q4

Greek Economy Expands 1.4% In Q4

03/07/2023 - 07:37:00 (RTTNews)

(RTTNews) - Greece's economic growth improved in the final quarter of 2022 amid a strong rebound in household consumption, preliminary figures from the Hellenic Statistical Authority showed on Tuesday.

Gross domestic product advanced a seasonally adjusted 1.4 percent quarterly in the three months ended December, faster than the revised 0.4 percent rise in the September quarter.

The annual economic growth also accelerated to 5.2 percent in the fourth quarter from 4.4 percent in the third quarter.

On the expenditure side, total final consumption rose 1.2 percent from the previous quarter, when it contracted by 0.9 percent. The strong rebound was driven by a 1.8 percent recovery in household consumption.

Meanwhile, general government consumption continued to drop by 0.3 percent. Exports of goods and services decreased 0.8 percent, while imports climbed by 6.3 percent.

Without adjustments, GDP expanded 4.5 percent year-over-year in the fourth quarter, following a 3.9 percent rise seen in the preceding three-month period.

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