Greece: Economy scores 15.2% contraction in Q2 2020

Greece: Economy scores 15.2% contraction in Q2 2020

Recession in the Greek economy leaped to 15.2% in the second quarter of 2020, according to the announcement of the Hellenic Statistical Authority (ELSTAT). According to the quarterly national accounts of ELSTAT, GDP fell by 15.2% in the second quarter YoY, while compared to the first quarter of 2020 the decline amounted to 14%.

On an annual basis, the following were recorded in the figures that make up GDP:

-Total final consumption expenditure showed a decrease of 10.1%(the consumption of households was reduced by 11.6%, while that of the General Government by 3.2%).

-Private investments (gross fixed capital formation) fell by 10.3%.

-Exports of goods and services dropped by 32.1% (exports of goods decreased by 15.4%, while exports of services decreased by 49.4%).

-Imports of goods and services decreased by 17.2% (imports of goods decreased by 15.3% and imports of services decreased by 25.7%).

Meanwhile, the quarterly changes are as follows:

-Total final consumption expenditure dropped by 9.3% (household consumption was reduced by 11.3%, while that of the General Government – due to the measures taken – increased by 1.5%).

-Private investments (gross fixed capital formation) decreased by 2%.

-Exports of goods and services decreased by 32.1% (exports of goods decreased by 12.3%, while exports of services decreased by 48.3%).

-Imports of goods and services decreased by 16.7% (imports of goods decreased by 14.7%, while imports of services decreased by 24.8%).

The average GDP decline in the euro area is 15% and 14.1% the European Union. Spain (22.1%), France (19%), Italy (17.3%) and Portugal (16.3%) recorded higher decline compared to Greece.

According to the ELSTAT, the data published today are expected to be revised, when the provisional data for the third quarter of 2020 are prepared and announced, based on updated primary data that will have become available (eg quarterly non-financial General Government accounts, short-term indicators, employment data, etc.).

Finally, it is noted that, based on non-seasonally adjusted data, GDP decreased by 15.3% in the second quarter of 2020 compared to the second quarter of 2019. /ibna