ELSTAT Revised Greek GDP Growth Upward for 2023

The Greek statistical authority, ELSTAT, revised upward the GDP growth for 2023 in its second assessment of the annual national accounts.

According to the data, the Greek economy grew by 2.3% last year, up from the initial estimate of 2% released in March. GDP at constant prices reached €196.984 billion in 2023, up from €192.495 billion in 2022.

Final consumption expenditure increased by 2% last year (household spending rose by 1.8%, spending by non-profit institutions serving households decreased by 0.1%, and government spending increased by 2.6%).

Private investments (gross fixed capital formation) grew by 0.8%. Exports of goods and services increased by 1.9%, while imports of goods and services rose by 0.9%.

ELSTAT set 2020 as the new base year (instead of 2010) and 2021 as the reference year. This change includes methodological improvements and the use of new and updated data from various sources to compile the national accounts, with quality control of sources and methods where necessary.

The revision of the base year and reference year is a routine task for all member states, conducted every five years, during which methodological changes and improvements may be incorporated.

The revision comes in light of global ratings agency Fitch’s assessment that Greece will continue on a path of adopting sound fiscal policies, which, in conjunction with ambitious reforms aimed at raising revenues (including primarily clamping down on tax evasion), will lead to an impressive performance in 2024.

Fitch says these indicators help guard the country against the past public debt crisis leftovers, such as large public and external debt, high (though decreasing) unemployment, low medium-term growth potential, and some persistent vulnerabilities in the banking sector.