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Economy

Greek GDP contracted by 8.2 pct in 2020

Greece on Friday announced better-than-expected GDP figures for 2020, with the country’s Gross Domestic Product contracting by 8.2 pct to 168.5 billion euros from 183.6 billion in 2019. Hellenic Statistical Authority, in a report, said that Greek GDP shrank by 7.9 pct in the fourth quarter compared with the same period in 2019, but rose 2.7 pct in comparison with the third quarter of 2020. More specifically, final consumption spending fell 3.4 pct (household spending down 5.2 pct and general government up 2.7 pct), private investments (gross fixed capital investments) rose 4.9 pct, exports of goods and services fell 21.7 pct and imports of goods and services fell 6.8 pct.

On a quarterly basis (fourth quarter 2020-third quarter 2020), final consumption spending fell 1.4 pct, gross fixed capital investments rose 1.0 pct, exports of goods and services rose 31.8 pct (goods up 4.9 pct and services up 10.3 pct), while imports of goods and services eased 3.6 pct (goods down 1.2 pct and services down 9.9 pct).

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