Economy expands in Q4 on higher consumer spending, investment

The economy expanded in October to December last year with higher consumer spending and investment more than offsetting lower exports, official data showed on Tuesday.

Seasonally-adjusted data showed gross domestic product (GDP) grew by 1.4% in the fourth quarter from an upwardly revised 0.4% growth rate in the third quarter, data from the Hellenic Statistical Authority showed.

Household expenditure rose by 1.8% in the fourth quarter, with investment increasing by 8.5%.

Exports of goods and services, including tourism, fell by 0.8% in the fourth quarter.

For the full year, the economy grew by 5.9%, non-seasonally adjusted data showed.

Since the lifting of Covid restrictions last year, the economy has recovered strongly thanks to robust tourism revenues and improving consumer spending and investment.

However, soaring energy costs and...