Sunday , June 23 2024
Home / News / Economy / Greek GDP contracted by 8.2% in 2020, said ELSTAT

Greek GDP contracted by 8.2% in 2020, said ELSTAT

Greek Statistics Authority ELSTAT announced on the economic data for 2020. The country’s GDP contracted by 8.2% to 168.5 billion euros from 183.6 billion in 2019, the report said.

ELSTAT said that Greek GDP shrank by 7.9% in the fourth quarter of 2020 compared with the same period in 2019, but rose 2.7% in comparison with the third quarter of 2020.

More specifically, final consumption spending fell 3.4% (household spending down 5.2% and general government up 2.7%), private investments (gross fixed capital investments) rose 4.9%, exports of goods and services fell 21.7% and imports of goods and services fell 6.8%.

On a quarterly basis (fourth quarter 2020-third quarter 2020), final consumption spending fell 1.4%, gross fixed capital investments rose 1%, exports of goods and services rose 31.8% (goods up 4.9% and services up 10.3%), while imports of goods and services eased 3.6% (goods down 1.2% and services down 9.9%).

The numbers are seen by the government as “better than expected.”

Despite being badly shaken, the Greek economy has shown resilience in the face of unprecedented health, social and economic adversity, Prime Minister Kyriakos Mitsotakis and Finance Minister Christos Staikouras said in comments.

tion rate was less than the forecasts because of the revision of the previous quarter and the good performance in the fourth quarter, which compared with the third quarter of 2020 seemed to be the best performance in Europe.

“These figures are proof of the correctness of our economic policy,” Staikouras said, warning, however, that 2021 is going to be a difficult year.

Check Also

BoG: Greece’s primary surplus 1.6 billion euros in Jan-May, says BoG

The primary surplus stood at 1.6 billion euros in the five-month period January-May compared to …

One comment

  1. “better than expected” for whom exactly? perhaps to the davos crowd who are hell-bent on crushing anything that remotely resembles an independent middle class?
    Perhaps when these politicians keep congratulating themselves for a job well done, they actually mean it?