GDP – Strong growth of 13.4% in the third quarter in Greece

Despite the concerns raised due to the Omicron variant, the Greek economy is counting on positive developments near the end of 2021.

According to the seasonally adjusted data of the Hellenic Statistical Authority (ELSTAT), the Gross Domestic Product (GDP) in volume terms, during the 3rd quarter of 2021 is increased by 2.7%, compared to the 2nd quarter of 2021, while in comparison with the 3rd quarter of 2020 the GDP increased by 13.4%.

The non-seasonally adjusted data indiacte that in the 3rd quarter of 2021 the Gross Domestic Product (GDP) in volume terms increased by 13.7% in comparison with the 3rd quarter of 2020.

Τοurism in the 3rd quarter of 2021 played a major role in GDP data, as there was a clear improvement in this sector compared to the 3rd quarter of 2020, eliminating the negative effects of the widening trade deficit due to rising imports and the energy crisis.

Imports of goods increased by 21.7% compared to the corresponding period of 2020.

More detailed data show that:

Quarter on quarter growth rates

• Total final consumption expenditure increased by 0.9% in comparison with the 2nd quarter of 2021.
• Gross fixed capital formation (GFCF) increased by 3.9% in comparison with the 2nd quarter of 2021.
• Exports of goods and services increased by 12.6% in comparison with the 2nd quarter of 2021. Exports of goods increased by 1.4%, while exports of services increased by 29.0%.
• Imports of goods and services increased by 7.3% in comparison with the second quarter of 2021. Imports of goods increased by 3.7%, while imports of services increased by 18.7%.

Year on year growth rates

• Total final consumption expenditure recorded an increase...