"shocking" third-quarter Greek economic growth figures: “anemic” 2.8%

Extremely disappointing were the figures for the country’s economic growth in the third quarter of 2022, which amounted to only 2.8%. And this is without taking into account inflation, which is the official 9.1%. In fact, this is minus 6.3%!

What does it mean? From an economic standpoint, except for tourism, which brought in half as much revenue this year as last year (about the same as in 2019, but with 20% more arrivals, meaning tourists spent much less money), the economy has collapsed and is in deficit even compared to the last quarter of covid 2021, which was the gap between two outbreaks of the pandemic, when full or partial lockdowns were introduced in the country and, of course, distancing and mask measures were applied everywhere, which generally contributed to t further financial contraction of income.

Although in the third quarter of 2022 the covid bans were lifted and tourism brought in a significant amount of funds, the growth was only 2.8%.

We can imagine what growth will be in the third quarter of 2023 compared to 2022 (the three subsequent quarters, Q1 2022 and Q2 2023, are not counted because the lockdown was still in effect at the relevant time (note that the country open after Easter 2022).

It is worth saying that the previous two quarters, i.e. Q1 2022 and Q2 2022, were also disappointing.

In the second quarter of 2022, GDP growth was estimated ELSTAT in 7.7%, and in the first quarter – in 8%, but these figures were again revised downward to 7.1% and 7.9%, respectively.

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