Hellenic Statistical Authority: 8.3% GDP Growth in 2021 – The data for consumption, investments, imports and exports

The available seasonally adjusted data indicate that in the 4th quarter of 2021 the Gross Domestic Product (GDP) in volume terms increased by 0.4% in comparison with the 3rd quarter of 2021, while in comparison with the 4th quarter of 2020, it increased by 7.7%

The available non-seasonally adjusted data indicate that in the 4th quarter of 2021 the Gross Domestic Product (GDP) in volume terms increased by 7.4% in comparison with the 4 th quarter of 2020.

Growth rates of major macroeconomic aggregates based on seasonally adjusted data in volume terms are as follows:

Quarter on quarter growth rates

  • Total final consumption expenditure increased by 1.9% in comparison with the 3 rd quarter of 2021.
  • Gross fixed capital formation (GFCF) increased by 1.8% in comparison with the 3 rd quarter of 2021.
  •  Exports of goods and services increased by 7.3% in comparison with the 3 rd quarter of 2021. Exports of goods decreased by 0.3% while exports of services increased by 9.5%.
  •  Imports of goods and services increased by 5.8% in comparison with the 3 rd quarter of 2021. Imports of goods increased by 10.4% while imports of services decreased by 6.0%.

Year on year growth rates

  •  Total final consumption expenditure recorded an increase of 8.8% in comparison with the 4 th quarter of 2020.
  •  Gross fixed capital formation (GFCF) increased by 24.1% in comparison with the 4 th quarter of 2020.
  • Exports of goods and services increased by 24.1% in comparison with the 4 th quarter of 2020. Exports of goods increased by 4.1%, and exports of services increased by 63.2%.
  •  Imports of goods and services increased by 33.2% in comparison with the 4 th quarter of 2020. Imports of goods increased by 29.8%, and imports of services increased by 43.4%.

As reported to ot.gr, despite the developments in Ukraine, the forecasts for the Greek economy remain positive.

Analysts continue to report that GDP is strong during this year, as well.

Swiss UBS raises GDP forecasts for 2021 and 2022: estimates for 8.5% and 5.5% are above official estimates. The bank also emphasizes, among other things, that Greece had an impressive recovery, with its GDP exceeding the level before the pandemic (fourth quarter of 2019) from the third quarter of 2021. Why? Because, in 2022 Greece will benefit from capital inflows of Europe, tourism and consumption. The revised forecast is based on the business environment reaching its highest level since 2000, while growth, as well, is expected to be driven mainly by investments and, to a lesser extent, by the increased consumption and the tourism industry.