Greek economy takes off 13.4% in Q3 on investments, tourism

The Greek economy showed explosive growth of 13.4% in the third quarter of 2021, according to provisional data released today by statistics service ELSTAT.

According to the figures, tourism gave a strong push to the Greek economy, after the deep 10% recession seen in the third quarter of 2020, as on an annual basis service exports jumped by 84.6%, while in general export activity was impressive, advancing 48.6% with the fixed capital investments showing an increase of 18.1% and consumption up by 7.3%.

On the other hand, the Minister of Finance, Christos Staikouras said in a statement, immediately after the data was released, that "today, ELSTAT published the provisional data on the course of the Greek economy during the 3rd quarter of 2021. Data, according to which GDP increased by 13.4% compared to the corresponding quarter of 2020, while, at the same time, the course of GDP was revised upwards in the 1st and 2nd quarters of the current year. Thus, for the 9 months of 2021, the growth rate is now over 9.3%. Therefore, the strong recovery of the Greek economy is confirmed and the goal for 2021 becomes completely achievable, since it is realistic, maybe even conservative. Recovery based on significant investment boost and net exports.

This development, together with the reduction of unemployment and the improvement of the disposable income of citizens, is more proof of the correctness and effectiveness of the government's economic policy. It is up to all of us - state and society - to harness the momentum that has been created, to overcome new, mainly external, challenges and to intensify our efforts, so that the present strong recovery can give way to high, sustainable and inclusive growth for the benefit of all citizens - and above all the new generation."

ELSTAT stated in its announcement that:

• Based on the available seasonally adjusted data, Gross Domestic Product (GDP) in terms of volume, during the 3rd quarter of 2021 showed an increase of 2.7%, compared to the 2nd quarter of 2021, while compared to the 3rd quarter of 2020 presented increase by 13.4%.
• Based on the non-seasonally adjusted data, Gross Domestic Product (GDP) in terms of volume, during the 3rd quarter of 2021 showed an increase of 13.7% compared to the 3rd quarter of 2020.

Quarterly changes

Based on the data and in regard to the comparison between the third and second quarters, the following applies:

• Total final consumption expenditure increased by 0.9% compared to the 2nd quarter of 2021.
• Gross fixed capital formation increased by 3.9% compared to the 2nd quarter of 2021.
• Exports of goods and services increased by 12.6% compared to the 2nd quarter of 2021. Exports of goods increased by 1.4%, while exports of services increased by 29.0%.
• Imports of goods and services increased by 7.3% compared to the 2nd quarter of 2021. Imports of goods increased by 3.7%, while imports of services increased by 18.7%.

Annual changes

Based on the data and in regard to the comparison between the third quarter of 2021 and the third quarter of 2020, the following applies:

• Total final consumption expenditure increased by 7.3% compared to the 3rd quarter of 2020.
• Gross fixed capital formation increased by 18.1% compared to the 3rd quarter of 2020.
• Exports of goods and services increased by 48.6% compared to the 3rd quarter of 2020. Exports of goods increased by 9.2%, while exports of services increased by 84.6%.
• Imports of goods and services increased by 21.7% compared to the 3rd quarter of 2020. Imports of goods increased by 10.1% and imports of services increased by 58.1%.