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Greece’s economy sinks -11.7% in Q3 2020

Greek economy sank to -11.7% in the third quarter of 2020 and it looks as if the opening of tourism with restrictions did not pay off. The Greek Statistical Authority (ELSTAT) announced on Friday the Gross Domestic Product for the 3rdquarter of 2020.

Q2 2020: -14.1% (pandemic lockdown)

Q3 2020: -11.7% (no lockdown)

The available seasonally adjusted data indicate that in the 3rdquarter of 2020 the Gross Domestic Product (GDP) in volume terms increased by 2.3% in comparison with the 2ndquarter of 2020, while in comparison with the 3rdquarter of 2019, it decreased by 11.7%.

The non-seasonally adjusted data indicate that in the 3rdquarterof 2020the Gross Domestic Product (GDP) in volume  terms decreasedby 9.6% in comparison with the 3rdquarterof 2019.

.The data Friday’s Press Release for the 3rdquarter 2020 reflect the impact on GDP of the COVID-19 pandemic and the restriction measures that were put into place.

Growth rates of major macroeconomic aggregates based on seasonally adjusted data in volume terms are as follows:
1.Quarter on quarter growth rates
  • Total final consumption expenditure increased by 14.0% in comparison with the 2ndquarter of 2020.
  • Gross fixed capital formation (GFCF) decreased by 0.4% in comparison with the 2ndquarter of 2020.
  • Exports of goods and services decreased by 10.4% in comparison with the 2ndquarter of 2020. Exports of goods increased by 6.5% while exports of services decreased by 39.2%
  • Imports of goods and services increased by 9.6% in comparison with the 2ndquarter of 2020. Imports of goods increased by 12.2% while imports of services increased by 3.4%.2.
source: ELSTAT

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