Provisional NSO estimates indicate that the Gross Domestic Product (GDP) for 2022 amounted to €16,870.3 million, registering an increase of €1,868.4 million, or 12.5 per cent, when compared to 2021. In volume terms, GDP rose by 6.9 per cent.
The drivers behind this growth were services and industry, which contributed to the lion’s share of growth. Conversely, construction had a negative contribution of 0.3 percentage points. Compared to last year, Service activities increased by 9%, industry by 7.6% whereas Construction dropped by 7.0%.
Breaking down the service sector, the NSO noted that the biggest increases took place within accommodation and food service activities (81.4%), transportation and storage (23.3%), Administrative and support services activities (15.8%), Information and communication (7.9%), and Wholesale and retail trade (7.7 %).
The contribution of domestic demand to the year-on-year GDP growth rate in volume terms was of 10.9 percentage points, of which 4.7 were due to Final consumption expenditure and 6.1 to Gross capital formation. External demand registered a negative contribution of 4.0 percentage points, with 10.8 percentage points attributable to exports and 14.8 percentage points explained by imports.
In 2022, final consumption expenditure witnessed an increase of 7.6 per cent in volume terms. Gross fixed capital formation rose by 30.4 per cent in volume terms.
Exports and imports of goods and services in volume terms rose by 6.4 per cent and 9.7 per cent, respectively.