Greece: 2020 recession at 8.2%, according to ELSTAT

Greece: 2020 recession at 8.2%, according to ELSTAT

The Hellenic Statistical Authority (ELSTAT) announced its first estimates of Gross Domestic Product (GDP) for 2020 on Friday noon.

According to ELSTAT, recession finally reached 8.2% in 2020, 2.3% below the recession target of 10.5% set by the 2021 budget. This is the third worst performance in the EU.

According to ELSTAT, this estimate has been calculated from the sum of the respective results of the 2020 quarters (non-seasonally corrected) as formed after the incorporation of updated data from the sources.

According to this estimate, GDP in 2020 in terms of volume amounted to 168.5 billion euros compared to 183.6 billion euros in 2019, marking a decrease of 8.2%. This drop reflects the individual changes recorded per component of GDP.

GDP at current prices in 2020 amounted to 165.8 billion euros compared to 2019’s 183.4 billion, marking a 9.6% dip. This decrease is due to the individual changes recorded per component of GDP.

It is pointed out that, based on the followed procedures of the ESA 2010 transmission program, a second GDP estimate for 2020 is foreseen scheduled to be announced on 15 October 2021.

At the same time, ELSTAT announced the GDP for Q4 2020.

Based on the available seasonally adjusted data, Gross Domestic Product (GDP) marked an increase of 2.7% in terms of volume in Q4 2020 compared to the previous quarter, while compared to Q4 2019 there was a 7.9% dip.

Based on the non-seasonally adjusted data, Gross Domestic Product (GDP) marked a decrease of 5.9% in terms of volume in Q4 compared to the same period last year.

It is pointed out that the data of the Press Release for the 4th quarter of 2020 reflect the effects on the GDP of the COVID-19 pandemic and the restrictive measures that came into force. All best available data sources were used to compile the provisional estimates.

In addition, it is pointed out that as seasonally adjusted quantities are recalculated each time a new quarter is added to the time series, the effect of the seasonal adjustment process -especially in periods of sharp fluctuations of the underlying quantities- is reflected in the noticeable revision particularly of the latest quarters.

At the same time, the statistical service revised its forecasts for all three previous quarters. In the third quarter, recession was 10.5% of GDP compared to 11.7% of the previous forecast. In the second quarter, recession was revised to 13.8% of GDP from 14.7%. Finally, for the first quarter marginal growth was corrected to 0.1% from 0.4% in the previous forecast. /ibna