Greek Economy Grew 1.9% in 2019, ELSTAT Reports

March 6, 2020

ATHENS – The Greek economy grew by 1.9 pct in 2019, with the country’s Gross Domestic Product totaling 194.4 billion euros from 190.8 billion in 2018, Hellenic Statistical Authority said on Friday. The statistics service, in a report, said that Greek GDP fell 0.7 pct in the fourth quarter of 2019 from the third quarter of the same year, but grew 1.0 pct in comparison with the fourth quarter of 2018.

The statistics service attributed the 1.9 pct rise of GDP in 2019 to an 1.1 pct increase in final consumption spending (household consumption up 0.8 pct and general government consumption up 2.1 pct), a 0.7 pct rise in private investments (gross capital formation), a 4.8 pct increase in exports of goods and services and a 2.5 pct rise in imports.

In the period between the fourth quarter of 2019 and the fourth quarter of 2018, GDP grew by 1.0 pct and final consumption spending rose 1.3 pct (household consumption up 1.8 pct and general government consumption fell 1.4 pct). Private investments (gross fixed capital investments) rose 14.4 pct, exports of goods and services rose 1.0 pct (goods down 1.1 pct and services up 2.3 pct), while imports fell 0.3 pct (goods down 2.8 pct and services up 11.2 pct).

In a quarterly comparison, GDP fell 0.7 pct, reflecting a 0.4 pct increase in final consumption spending (household consumption up 0.7 pct and general government up 0.1 pct), private investments rose 6.7 pct, exports of goods and services fell 3.5 pct (goods down 4.3 pct and services down 5.0 pct), while imports fell 5.0 pct (goods down 6.3 pct and services rose 0.9 pct).

Hellenic Statistical Authority will publish its final estimate on GDP in October.


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