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GDP supported by investment, 2.3% growth for the second quarter

3.9% increase in investment, with a particularly mild boost to consumption of only 0.9%. Imports were strong, with imports of goods growing at a double-digit rate.

Greece's growth rate showed an increase of 2.3% in the second quarter of 2024, compared to the corresponding period of 2023, according to the data announced by the Hellenic Statistical Authority (ELSTAT). On a quarterly basis, GDP rose by 1.1%.

In the first quarter, Greece's GDP had increased by 2.1% on an annual basis and by 0.8% on a quarterly basis.

According to ELSTAT's announcement, consumption, investments and exports had a significant impact on GDP growth. Specifically, consumption rose by 0.9% on an annual basis and 0.3% on a quarterly basis, while the increase in investments was even higher (3.9% and 0.8%, respectively). Exports of goods increased by 2% year-on-year and by 5.2% compared to the first quarter of 2024, and exports of services by 2.8% and 1%, respectively).

On the other hand, imports of both goods and services recorded greater increases than exports.

Quarterly changes, relative to the first quarter of 2024:

  •  Total final consumer spending rose by 0.3%
  •  Gross fixed capital investment increased by 0.8%
  •  Exports of goods and services showed an increase of 2.5%
  •  Imports of goods and services rose by 6.1%.

Annual changes relative to the second quarter of 2023:

  •  Total final consumer spending up 0.9%
  •  Gross fixed capital increased by 3.9%.
  •  Exports of goods and services rose 2.1%.
  •  Imports of goods and services up 9.6%.
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