ATHENS – The Greek economy grew by 2.8% in the third quarter of the year compared with the same period in 2021, but fell by 0.5% on a quarterly basis compared with the second quarter, Hellenic Statistical Authority said on Wednesday.

More specifically, on a quarterly basis, the country’s Gross Domestic Product fell 0.5% in the third quarter after rising by 2.2% in the first quarter and by 0.6% in the second quarter. The statistics service attributed the third quarter reading to the negative effects of significant subsidies on energy products, which counterbalanced an increase in gross added value.

Final consumption spending grew 3.6% (households up 6.2% and general government down 3.9%). Private investments (gross fixed capital) rose 7.7%, exports of goods and services edged 0.9% up (goods fell 0.3% and services rose 3%), while imports rose 5.2% (goods were up 8.6% and services fell 4.6%).

On a quarterly basis, final consumption spending eased 0.6%, private investors rose 0.1%, exports fell 3.3% and imports eased 0.3%.

The Greek state budget envisages a GDP growth rate of 1.8% next year from 5.6% in 2022, with the country’s GDP expected to rise to 224.134 billion euros in 2023 from 210.170 billion this year.