Greece suffers 11.7% economic decline in Q3 2020

Greece suffers 11.7% economic decline in Q3 2020

The Hellenic Statistical Authority (ELSTAT) announced the Q3 2020 Gross Domestic Product on the basis of provisional data. According to the available seasonally adjusted data, during the 3rd quarter of 2020, Gross Domestic Product (GDP)  increased by 2.3% in terms of volume compared to Q2 2020, while it fell by 11.7% in relation to the 3rd quarter of 2019 .

Based on the non-seasonally adjusted data, during the 3rd quarter of 2020, Gross Domestic Product (GDP) showed a decrease of 9.6% in terms of volume in juxtaposition to Q3 2019.

In the first quarter, the Greek economy recorded a marginal growth of 0.4%, while in the second quarter recession climbed at 14.2% against an initial estimate of 15.2%.

According to the latest data, recession is running at 8.5% in a nine-month period. The downside for Q3 is that, compared to Q2, growth lacked dynamic and stood at 2.3%, given that the quarter in-question is considered as particularly strong due to tourism.

The changes of the main macroeconomic figures in terms of volume with seasonal correction are as follows:

Quarterly changes

– Total final consumption expenditure increased by 14.0% compared to the 2nd quarter of 2020.

– Gross fixed capital formation decreased by 0.4% compared to the 2nd quarter of 2020.

– Exports of goods and services fell by 10.4% compared to Q2 2020. Exports of goods rose by 6.5%, while exports of services fell by 39.2%.

– Imports of goods and services increased by 9.6% compared to Q2 2020. Imports of goods also surged by 12.2%, while imports of services increased by 3.4%.

Annual changes

– Total final consumption expenditure recorded an increase of 1.6% compared to the 3rd quarter of 2019.

– Gross fixed capital investments fell by 0.3% compared to the 3rd quarter of 2019.

– Exports of goods and services nosedived by 44.9% compared to the 3rd quarter of 2019. Exports of goods rose by 3.5%, while exports of services plummeted by 80.0%.

– Imports of goods and services fell by 6.4% compared to the 3rd quarter of 2019. Imports of goods decreased by 2.7% and imports of services dropped by 18.1%. /ibna