Greek economy grew by 1.5% in the first half of the year

Greek economy grew by 1.5% in the first half of the year

The Greek economy grew 1.5% in the first half of 2019, while GDP in the second quarter grew 1.9% year on year.

The Hellenic Statistical Authority (ELSTAT) today announced that Gross Domestic Product (GDP) in terms of volume increased by 0.8% in the second quarter of 2019, compared to the first quarter of 2019, while compared to the second quarter of 2018 it increased by 1.9%.

Total final consumer spending in the second quarter of 2019 increased 1.2%, compared to the second quarter of 2018. Gross fixed capital formation decreased by 5.8%, compared to the second quarter of 2018. There was a 5.4% increase in the exports of goods and services, compared to the Q2 2018. Exports of goods increased by 4% while exports of services increased by 6.9%. Imports of goods and services increased by 3.7%, compared to the second quarter of 2018. Imports of goods increased by 3.9% and imports of services increased by 2.8%.

Investments and consumption increase

Total final consumer spending increased by 0.7% compared to the first quarter of 2019. Gross fixed capital formation increased by 2.4% compared to the first quarter of 2019. There was an increase of 3.3% in goods and services, compared to the first quarter of 2019. Exports of goods increased by 4.2%, while exports of services increased by 2.8%. Imports of goods and services declined by 0.8% compared to the first quarter of 2019. Imports of goods decreased by 0.9%, while imports of services increased by 1.2%.

It should be noted that GDP for the first quarter of 2019 has been revised due to updated General Government data and updated Short Term Indicators./ibna