LAST UPDATE: 12.34
By Tasos Dasopoulos
Growth reached 7% in the first quarter of the year, despite high inflation with locomotives investing, exports and private consumption, according to data released by ELSTAT on Tuesday afternoon.
Specifically, the growth rate reached 7%, after the lifting of the majority of restrictive measures in force for the first quarter of 2021 due to the pandemic, but with the current high inflation, mainly of fuels and raw materials, which took on the dimensions of the last quarter of the year.
GDP growth for the first quarter of the year was shaped by individual increases.
In total final consumption expenditure showed an increase of 10.5% compared to the 1st quarter of 2021.
At gross fixed capital formation, that is, investments which increased by 12.7% compared to the 1st quarter of 2021.
At exports of goods and services showed an increase of 9.6% compared to the first quarter of 2021. In particular, exports of goods increased by 2.5%, while exports of services increased by 23%.
On the other hand, the brakes on further GDP growth were imports of goods and services, which showed an increase of 17.5% compared to the 1st quarter of 2021 with the help of continuous price increases in energy prices. More specifically, imports of goods increased by 17.8% and imports of services increased by 15.5%.
In its data, ELSTAT has revised upwards the recession of the first quarter of 2021 from 1.4% of the previous forecast to 1.7%, but also of the growth of the fourth quarter of 2021, from 7.7% of previous forecast at 8.1%.
The growth dynamics from the fourth quarter of last year to the first quarter of 2022 can be seen in the quarterly comparison in which GDP from quarter to quarter records an increase of 2.3%
This quarterly GDP growth was shaped by sub-increases
The total final consumption expenditure increased by 2.5% compared to the 4th quarter of 2021.
Gross fixed capital formation increased by 3.7% compared to the 4th quarter of 2021.
Exports of goods and services decreased by 3.6% compared to the 4th quarter of 2021. In particular, exports of goods decreased by 0.3%, while exports of services decreased by 5.4%.
Finally, imports of goods and services decreased by 5.6% compared to the 4th quarter of 2021. Imports of goods decreased by 5.0%, while imports of services decreased by 8.9%.
Source: Capital
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