The available seasonally adjusted data indicate that in the 3 rd quarter of 2022 the Gross Domestic Product (GDP) in volume terms decreased by 0.5% in comparison with the 2 nd quarter of 2022, while in comparison with the 3 rd quarter of 2021, it increased by 2.8%.
The available non-seasonally adjusted data indicate that in the 3 rd quarter of 2022 the Gross Domestic Product (GDP) in volume2 terms increased by 2.1% in comparison with the 3 rd quarter of 2021.
The GDP for the 3rd quarter 2022 was adversely affected by the significantly increased level of subsidies on energy-related products which largely offset the increase in Gross Value Added.
These subsidies are given to businesses and households through the Energy Transition Fund.
It is noted that the GDP for the quarters of the years 2019-2021 as well as the previous two quarters of the
current year has been revised following the benchmarking of quarterly national accounts to the revised
annual national accounts data, as announced in ELSTAT Press Release of 18/10/2022, and also due to the
integration of updated data concerning state energy subsidies outturn data which became available at the
notification of the October 2022 Excessive Deficit Procedure (EDP), while they were not available at the time
of the compilation of the Quarterly National Accounts for the 2
nd quarter of 2022.
