ELSTAT: Q1 recession at 2.3%

The Greek economy showed great resilience in the first quarter of the year, with the recession being limited to just 2.3%. The results are much better than those supported by the budget and relate to a recession of 11.3%. At the same time, there were estimates that the recession could reach as much as 15%

On a quarterly basis, growth of 4.4% is recorded compared to the 4th quarter of 2020.

The ominous estimates gradually improved. Just last week, Ethniki Bank, examining recent data, claimed that they indicate a decrease in GDP in the first quarter of 2021 less than 7.5% per year.

Today’s announcements of ELSTAT concern temporary data and the possibility of a substantial revision should not be ruled out.

Quarterly changes

– Total final consumption expenditure decreased by 0.6% compared to the 4th quarter of 2020.

– Gross fixed capital formation increased by 3.0% compared to 4o
quarter of 2020.
– Exports of goods and services increased by 4.0% compared to the 4th quarter

Exports of goods decreased by 0.5%, while exports of services increased by 6.2%.

– Imports of goods and services increased by 2.0% compared to the 4th quarter of 2020. Imports of goods remained unchanged, while imports of services increased by 16.3%

Annual changes

– Total final consumer expenditure decreased by 2.4% compared to 1o
quarter of 2020.

– Gross fixed capital formation increased by 8.6% compared to the 1st quarter of 2020.

– Exports of goods and services decreased by 13.4% compared to the 1st
Quarter 2020. Exports of goods increased by 8.2%, while exports of services decreased by 38.7%.

– Imports of goods and services decreased by 5.0% compared to the 1st quarter of 2020. Imports of goods decreased by 3.0% and imports of services decreased by 9.2%.

FinMin Staikouras: The economy has shown resilience

“Today, ELSTAT published the provisional data on the course of the Greek economy during the first quarter of 2021. The data show that GDP decreased by 2.3% compared to the corresponding quarter of 2020,” notes the Minister of Finance.

“A milder decrease compared to the forecasts, although at this time – in 2021 – the country was in a state of total lockdown, due to the pandemic. The Greek economy, despite the high costs it suffered due to the conditions of the health crisis, showed resilience.

This development reveals the correctness of the choices, the prudence, the quick reflexes, the rational plan and systematic action of the Government, the resilience of households and businesses and, of course, the adaptability of sectors of the economy to emergencies and new data.

“The Greek economy seems to be overcoming this unprecedented storm with losses, but upright and at an operational level. From now on, with confidence and responsibility, without ignoring the great challenges we still face, we will be able to ensure the fastest possible recovery of the economy and the achievement of strong, sustainable, smart and socially just development,” said Mr. Staikouras.