Greek statistics Authority ELSTAT announced the Gross Domestic Product (GDP) for the first quarter of 2017. According to ELSTAT provisional data, the Greek economy grew by a slim 0.4 percent in the first three months of 2017. The date revise a contraction of 0.1 percent reported in May.
“The available seasonally adjusted data indicate that in the 1st quarter of 2017 the Gross Domestic Product (GDP) in volume terms increased by 0.4% in comparison with the 4th quarter of 2016,” ELSTAT said in a statement released on Friday.
ELSTAT Full Press Release in EN here
The figures come at a time when Athens is once again locked in crucial debt talks with the International Monetary Fund (IMF) and the European lenders for its crisis-battered economy.
In May, the government lowered the GDP growth target for 2017 to 1.8 percent from a previous estimate of 2.7 percent.
“Τhe readings are better as we had more accurate estimates in the time that has intervened after the flash projections,” said a senior ELSTAT official told Reuters
The main drivers behind the rise in first-quarter economic output were stronger consumption and gross capital formation, offsetting a negative contribution from net exports, Reuters notes.
Consumption rose 0.4 percent compared to the fourth quarter, with imports rising by 4.5 percent while exports declined 2.3 percent. Gross capital formation jumped 48.3 percent from the previous quarter.
“The surprise was that consumption proved more resilient than expected during a difficult quarter marked by uncertainty over the bailout review talks.”
Consumption rose? Does this have to do with the price increases? Because what I hear from relatives and friends is that they keep cutting and cutting in purchases especially in supermarkets where prices went up in the last months.
PS Despite austerity, recession and lack of liquidity, Greece’s economy grows? That’s an economic miracle never seen before… Some eurozone officials and finance ministers must be cheering today.