Greek inflation eases to 3.0% in November

This development mostly reflected a decline in natural gas prices (-53.2%) and fuel lubricants, while price increases continued in food items (+9%, olive oil up 31.4%) and other products and services.

Greek inflation slowed further to 3.0% in November from 3.4% in October and 8.5% in November last year, the Hellenic Statistical Authority said on Friday.

This development mostly reflected a decline in natural gas prices (-53.2%) and fuel lubricants, while price increases continued in food items (+9%, olive oil up 31.4%) and other products and services.

More specifically, price increases were recorded in bread-cereals (3.3%), meat (8.1%), fish (9.5%), dairy-eggs (4.8%), oil-fat (31.4%), fruit (12%), vegetables (10.8%), sugar-chocolate-sweets (7.6%), coffee-tea (6.8%), mineral water-beverage-juices (13.3%) and alcohol (5.9%).

Other price increases were recorded in clothing-footwear (6.4%), housing rents (5.1%), electricity (0.7%), heating oil (6%), solid fuels (9.9%), pharmaceuticals (11.8%), medical services (5.3%), used cars (5.8%), air travel (3.8%), cinemas-theaters (10.3%), holiday packages (8.8%), hairdressers (2.9%), health insurance (5.7%).

The statistics services attributed the November reading of the consumer price index to price increases in food/beverages (9%), alcohol (2.6%), clothing-footwear (6.4%), durable goods (1.5%), health (5.5%), entertainment (2.8%), education (3.5%), hospitality (4.7%) and other goods and services (1.9%). Declines were recorded in housing (-1.2%), transport (-2.7%), and communications (-3.2%).

Greece’s economy grew by 2.1% in Q3

The Greek economy grew by 2.1% in the third quarter of 2023 compared with the same period last year, with the country’s GDP rising by 0.02% between the third and second quarter of 2023, Hellenic Statistical Authority said on Wednesday.

Greece’s GDP grew 1.9% in the first quarter and 2.6% in the second quarter of the year compared with the same periods in 2022, and by 0.1% and 1.1% on a quarterly basis, the independent statistics service ELSTAT said on Wednesday.

The statistics service attributed the 2.1% rise in the GDP to an 1.0% increase in final consumption spending, a 4.9% rise in private investments (gross fixed capital investments), a 1% rise in exports of goods and services (goods fell 1.1% and services rose 2.9%) and a 2.9% increase in imports of goods and services (goods rose 3.4% and services increased 0.8%).

On a quarterly basis, final consumption spending fell 0.5%, private investments fell 1.8%, exports eased 0.7% and imports rose 2.0%.