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Economy

Report: Greek Economy to Begin Recovery From Second Quarter of 2021

January 18, 2021

ATHENS — Recession conditions prevailing in the Greek economy in 2020 will continue in the first quarter of 2021 with the country's GDP expected to begin recovering from the second quarter of 2021, the Centre of Planning and Economic Research KEPE said in a report released on Monday.

KEPE, in its short-term GDP estimates, said that Greek GDP was expected to contract by 12.8 pct in the second half of 2020 and by 9.9 pct in the year on average and noted that these estimates incorporated both the official nine-month figures (provisional) and the estimate for a 14 pct economic contraction in the fourth quarter of 2020. For the first half of 2021, KEPE expects a -3.7 pct GDP rate based on estimates for a -10.4 pct and 3.0 pct contraction and growth rates, respectively, in the first and second quarter of the current year. KEPE stressed that the continuation of the pandemic was making it difficult to predict short-term GDP trends and noted that its estimates for 2020 and for the first half of 2021 could vary according to a less or more favourable scenario, depending on the development of the pandemic crisis.

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