Greece’s Statistics Authority ELSTAT announced on Thursday the impact of the coronavirus pandemic in the economy in the second quarter of 2020. The Gross Domestic Product decreased by 15.2% the ELSTAT said in a statement. The government claims it had predicted this drop.
According to the ELSTAT announcement, the available seasonally adjusted data indicate that in the 2nd quarter of 2020 the Gross Domestic Product (GDP) in volume terms decreased by 14.0% in comparison with the 1st quarter of 2020, while in comparison with the 2nd quarter of 2019, it decreased by 15.2%.
The information of this Press Release for the 2nd quarter 2020 reflects the impact on GDP of the COVID-19 pandemic and the restriction measures that were put into place. For the compilation of these provisional estimates all the best available data sources have been used.
Users should note that the present estimates of this Press Release for the 2nd quarter 2020 are expected to be revised when provisional estimates of the 3rd quarter 2020 are produced and disseminated on the basis of updated primary data that will have become available (i.e. quarterly non-financial accounts of General Government, short-term Indices, employment data, etc).
Also it is noted that the seasonally adjusted figures are recalculated every time a new quarter is added in the time series; therefore the seasonal adjusted data are revised every quarter.
According to ELSTAT statement, Growth rates of major macroeconomic aggregates based on seasonally adjusted data in volume terms are as follows:
Quarter on quarter growth rates of total final consumption expenditure decreased by 9.3% in comparison with the 1st quarter of 2020.
Gross fixed capital formation (GFCF) decreased by 2.0% in comparison with the 1st quarter of 2020.
Exports of goods and services decreased by 32.1% in comparison with the 1st quarter of 2020. Exports of goods decreased by 12.3% while exports of services decreased by 48.3%.
Imports of goods and services decreased by 16.7% in comparison with the 1st quarter of 2020. Imports of goods decreased by 14.7% while imports of services decreased by 24.8%.
Year on year growth rates
Total final consumption expenditure recorded a decrease of 10.1% in comparison with the 2nd quarter of 2019.
Gross fixed capital formation (GFCF) decreased by 10.3% in comparison with the 2nd quarter of 2019.
Exports of goods and services decreased by 32.1% in comparison with the 2nd quarter of 2019. Exports of goods decreased by 15.4%, and exports of services decreased by 49.4%.
Imports of goods and services decreased by 17.2% in comparison with the 2nd quarter of 2019. Imports of goods decreased by 15.3%, and imports of services decreased by 25.7%.
