QUARTERLY INCOME ACCOUNTS
As usual, this note presents a third estimate of the second quarter of the year of the economic accounts 90 days after the end of the reference period. This estimate, in compliance with the revision policy recommended by the European Commission for the member countries of the Union, incorporates into the quarterly historical series the recent revision of the annual economic aggregates released on 22 September, which this year covered the three-year period 2020- 2022. On this occasion, the time series of quarterly economic accounts are traditionally revised starting from the first quarter of 1995.
In the second quarter of 2023, the gross domestic product (GDP), expressed in chained values with the reference year 2015, corrected for calendar effects and seasonally adjusted, decreased by 0.4% compared to the previous quarter and grew by 0.3 % compared to the second quarter of 2022.
The GDP estimate released on 1 September 2023 was a cyclical reduction of 0.4% and a trend growth of 0.4%.
The second quarter of 2023 had three fewer working days than the previous quarter and one fewer working day than the second quarter of 2022.
The acquired change in GDP for 2023 is equal to +0.7%, the same amount as that estimated at 1 September 2023.
Compared to the previous quarter, there was a stagnation in national final consumption and a 1.7% decrease in gross fixed investments. Imports were stationary, while exports decreased by 0.6%.
National demand, net of inventories, subtracted 0.4 percentage points from the change in GDP, while a positive contribution of 0.1 percentage points was recorded for consumption by families and private ISP social institutions, and negative contributions by both investments gross fixed income and Public Administration (PA) expenditure, by 0.4 and 0.2 percentage points respectively. On the other hand, the change in inventories contributed positively to the change in GDP by 0.3 percentage points, compared to a negative contribution of net foreign demand of 0.2 percentage points.
Negative economic trends were noted for added value in all the main production sectors, with agriculture, industry and services decreasing by 1.4%, 1.2% and 0.1% respectively.