The Greek economy takes off 13.4% in the third quarter on investments and tourism

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Tourism has been a big boost to the Greek economy, according to the figures, after the deep 10% recession seen in the third quarter of 2020, as exports of services jumped 84.6% on an annual basis.

The Greek economy has shown explosive growth of 13.4% in the third quarter of 2021, according to provisional data published today by the statistical service ELSTAT.

According to the figures, tourism gave a strong impetus to the Greek economy, after the deep ten% recession observed in the third quarter of 2020, as exports of services jumped by 84.6%, while in general the export activity was impressive, progressing 48.6% fixed capital investments showing an increase of 18.1% and consumption on the rise 7.3%.

On the other hand, the Minister of Finance, Christos Staikouras said in a statement, immediately after the data was released, that “Today, ELSTAT released provisional data on the course of the Greek economy during the 3rd quarter of 2021. Data, according to which GDP increased by 13.4% compared to the corresponding quarter of 2020, while, at the same time, the evolution of GDP was revised upwards in the 1st and 2nd quarters of the current year. Thus, for the 9 months of 2021, the growth rate is now exceeded 9.3%. Consequently, the strong recovery of the Greek economy is confirmed and the objective for 2021 becomes quite achievable, since it is realistic, even conservative. Recovery based on strong increase in investments and net exports.

This development, together with the reduction of unemployment and the improvement of the disposable income of citizens, is further proof of the correctness and effectiveness of the government’s economic policy. It is up to all of us – State and society – to harness the momentum created, to overcome new challenges, mainly external ones, and to step up our efforts, so that the current strong recovery can give way to a strong, sustainable and inclusive growth for the benefit of all citizens – and especially the new generation. “

ELSTAT stated in its announcement that:

  • Based on the available seasonally adjusted data, the gross domestic product (GDP) in terms of volume, during the 3rd quarter of 2021 showed an increase of 2.7%, compared to the 2nd quarter 2021, while compared to the 3rd quarter 2020 presented an increase of 13.4%.
  • Based on unadjusted data, the gross domestic product (GDP) in volume, during the 3rd quarter of 2021 showed an increase of 13.7% compared to the 3rd quarter of 2020.

Quarterly changes

Based on the data and with regard to the comparison between the third and second quarters, the following applies:

  • Total final consumption expenditure increased by 0.9% compared to the 2nd quarter of 2021.
  • Gross fixed capital formation increased by 3.9% compared to the 2nd quarter of 2021.
  • Exports of goods and services increased by 12.6% compared to 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% compared to the 2nd quarter of 2021. Imports of goods increased by 3.7%, while imports of services increased by 18.7%.

Annual changes

Based on the data and taking into account the comparison between the third quarter 2021 and the third quarter 2020, the following provisions apply:

  • Total final consumption expenditure increased by 7.3% compared to the 3rd quarter of 2020.
  • Gross fixed capital formation increased by 18.1% compared to the 3rd quarter of 2020.
  • Exports of goods and services increased by 48.6% compared to Q3 2020. Exports of goods increased by 9.2%, while exports of services increased by 84.6%.
  • Imports of goods and services increased by 21.7% compared to the 3rd quarter of 2020. Imports of goods increased by 10.1% and imports of services increased by 58.1%.
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