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Economy

Greek GDP Contracted 2.3% in Q1

ATHENS — The Greek economy contracted by 2.3 pct in the first quarter of 2021 compared with the corresponding period in 2020, after a 6.9 pct contraction recorded in the fourth quarter of 2020. Greek GDP shrank 8.2 pct in 2020.

The Hellenic Statistical Authority, in a report, said that total consumption spending fell 2.4 pct in the first quarter compared with the same period last year, while gross fixed capital investments rose 8.6 pct over the same period. Exports of goods and services fell 13.4 pct, with exports of goods up 8.2 pct and exports of services down 38.7 pct. Imports fell 5 pct in the January-March period, with imports of goods down 3 pct kai imports of services down 9.2 pct.

On a quarterly basis, final consumption spending fell 0.6 pct from the fourth quarter of 2020, fixed capital investments rose 3 pct, exports of goods and services rose 4 pct and imports increased 2 pct.

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