ELSTAT: Greek economy contracted by 15.2 pct in the second quarter of 2020

The Greek economy contracted by 15.2 pct in the second quarter of 2020, hit by the repercussions of the pandemic and the restrictive measures imposed, which resulted in a sharp decline in consumption, exports and private investments. The third quarter of the year is considered crucial for the course of the economy as it will include data from the reopening of the tourist market.

Hellenic Statistical Authority, in a report released on Thursday, said that the country’s GDP contracted by 15.2 pct in the second quarter compared with the same period last year, and shrank by 14 pct compared with the first quarter of 2020. On an annual basis, total consumption spending fell 10.1 pct (households consumption down 11.6 pct and general government consumption down 3.2 pct). Private investments (gross fixed capital investments) dropped 10.3 pct. Exports of goods and services plunged 32.1 pct (exports of goods fell 15.4 pct and exports of services plunged 49.4 pct). Imports of goods and services fell 17.2 pct (imports of goods fell 15.3 pct and imports of services dropped 25.7 pct).

On a quarterly basis, final consumption spending fell 9.3 pct (households consumption fell 11.3 pct and general government consumption rose 1.5 pct). Private investments (gross fixed capital investments) fell 2.0 pct, exports of goods and services dropped 32.1 pct (exports of goods fell 12.3 pct and exports of services plunged 48.3 pct). Imports of goods and services fell 16.7 pct (imports of goods fell 14.7 pct and imports of services dropped 24.8 pct).

The GDP fell by an average 15 pct in the Eurozone and 14.1 pct in the EU. Spain (22.1 pct), France (19 pct), Italy (17.3 pct) and Portugal (16.3 pct) recorded the biggest percentage declines.

Based on the seasonally-adjusted data, the country’s GDP contracted by 15.3 pct in the second quarter compared with the corresponding period last year.