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Financial News: Greek Economy Shrinks For First Time In 2

Greek Economy Shrinks For First Time In 2 Years On Energy Subsidies

12/07/2022 - 08:01:00 (RTTNews)

(RTTNews) - Greece's economy turned to contraction for the first time since the third quarter of 2020, as significantly increased levels of subsidies on energy-related products largely offset the increase in gross value added.

Gross domestic product contracted a seasonally adjusted 0.5 percent quarterly in the three months ended September, reversing a 0.6 percent rise in the June quarter, preliminary figures from the Hellenic Statistical Authority showed on Wednesday.

The annual economic growth eased to 2.8 percent in the third quarter from 7.1 percent in the second quarter.

On the expenditure side, total final consumption decreased 0.6 percent from the previous quarter, while gross fixed capital formation increased marginally by 0.1 percent.

At the same time, both exports and imports declined by 3.3 percent and 0.3 percent, respectively.

Without adjustments, GDP advanced 2.1 percent year-over-year in the third quarter, following a 7.5 percent expansion seen in the preceding three-month period.

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