Hellenic Statistical Authority

The Greek economy recorded a growth rate of 2.7% in the second quarter of 2023 compared to the same period in 2022, according to data compiled by the Hellenic Statistical Authority (ELSTAT).

The first half of the year averaged 2.3-2.4% - i.e. within the framework of the government's forecast in the Stability Program for 2.3% and the Commission's for 2.4% on average this year.

Greece's Harmonized Index of Consumer Prices (HICP) dropped slightly in July, from 3.5% to 3.4%, preliminary data from the European Union's statistics agency Eurostat showed Thursday.

The Overall Turnover Index in Industry declined 17.2% year-on-year in June 2023, Greece's independent statistics authority, ELSTAT, announced on Friday.

This means that the prices of industrial products have declined, but not to the levels seen before February 2022. In June 2022, the Turnover Index had risen 43.1% compared to June 2021, ELSTAT notes.

Industrial production in Greece rose 2.1% in January-May 2023 compared to the same period in 2022, outperforming the eurozone, as natural gas prices continued to decline and companies reined in payroll costs, data released by statistics agency ELSTAT show.

Manufacturing, which accounts for 73% of the industrial index, rose 5.7% year on year and mining production was up 9.6%.

The annual pace of inflation jumped to 2.5% in July from 1.8% in June, independent statistics agency ELSTAT announced Thursday.

Greece's annual EU-harmonized inflation accelerated to +3.5% in July from +2.8% in June, data showed on Tuesday.

EU-harmonized inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Brexit hardly affected Greek exports to Britain, since in 2022 they were significantly increased compared to 2021.

Last year exports to the United Kingdom accounted for 3.9% of all Greek exports, making the UK the seventh-largest customer for Greek products, while in 2021 it was in ninth place.

The increase in tourism traffic, as well as the significant price hikes, led to a considerable increase in turnover both in the accommodation and food service sectors in May.

The latter, however, moved at a lower rate, largely as a result of the weather instability during the month of May.

The inflation rate in Greece decreased to 1.8% in June from 2.8% in May and 12.1% in June 2022, according to the Hellenic Statistical Authority (ELSTAT). In their monthly report, ELSTAT attributed this decline solely to a significant drop in electricity, natural gas, and oil prices.

The government has withdrawn an application to the European Court of Human Rights (ECHR) requesting a review of the decision vindicating former president of the Hellenic Statistical Authority (ELSTAT) Andreas Georgiou that his right to a fair trial had been violated in Greece.