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.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
Greece’s Trade Deficit Surges by 18.7% in Nov. 2024
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023.
Installing EV Chargers in Your Building is Harder than You Think
So, you just bought an EV in Greece and can’t wait to set up a charger in your apartment building’s parking space? Not so fast—there are a few hurdles you’ll need to clear first.
Greece Announces Grants to Unemployed for New SMEs
Unemployed individuals seeking 12-month grants to fund the creation of new SMEs can apply online until January 21.
Port of Piraeus Reports Record-breaking Year for Cruise Sector
First cruise ship of the season, Viking Saturn, greeted at Greece's largest, busiest port
Greek Energy Minister Skylakakis Announces Subsidies to Mitigate Electricity Prices
“When prices exceed a certain threshold, we intervene,” said Skylakakis
Mitsotakis: Greece is a Beacon of Stability in an Unstable World
Greek Prime Minister Kyriakos Mitsotakis described Greece as a "beacon of stability in an unstable world" following the Epiphany water blessing ceremony at Dexameni Square in Athens.
The Life of Former Prime Minister Kostas Simitis
Former Minister Kostas Simitis played a defining role in shaping Greece’s economic and political landscape at the turn of the millennium
Four Days of National Mourning for Passing of Kostas Simitis
Four days of national mourning have been declared for the death of former Prime Minister Kostas Simitis
Former Greek Prime Minister Kostas Simitis Dies at 88
Kostas Simitis, Greece’s former Prime Minister, died this morning, January 5, at the age of 88.
