13.4% increase in GDP in the third quarter with the locomotive tourism

LAST UPDATE: 12.30

By Tasos Dasopoulos

GDP grew by 13.4% in the third quarter of the year, driven by the recovery of tourism, which increased services exports by 86.4%, and double-digit growth in investment and a large increase in private consumption.

Based on the data announced a few hours ago by ELSTAT, the annual growth of GDP in the third quarter, compared to the same quarter of 2020, was formed by the individual increases in GDP as follows:

– The total final consumption expenditure, which increased by 7.3% compared to the 3rd quarter of 2020.

– Gross fixed capital formation, which increased by 18.1% compared to the 3rd quarter of 2020.

– Exports of goods and services, which increased by 48.6% compared to the 3rd quarter of 2020 mainly due to the recovery of tourism. In particular, exports of goods increased by 9.2%, while exports of services where the result of tourism is measured 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%.

ELSTAT also revised the data for the first quarter, for which it now records a decline of 1.9% from 1.4% in the previous announcement, and for the second quarter of the year where it records growth of 16.6% compared to growth of 16.4% in its previous announcement. Based on the three quarters of 2021, GDP from the beginning of the year appears to grow by more than 9%.

On a quarterly basis, ie in the 3rd quarter of 2021 compared to the 2nd quarter of 2021 showed an increase of 2.7%, which was formed by the individual increases:

– In the gross fixed capital investments by 3.9% in relation to the 2nd quarter of 2021.

– Exports of goods and services increased by 12.6% compared to the 2nd quarter of 2021. In particular, 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 second quarter of 2021. Imports of goods increased by 3.7%, while imports of services increased by 18.7%.

Despite the concern spread by the Omicron mutation, the Greek economy continues to measure positive developments near the end of 2021, successfully completing another post-memorandum assessment.

The Minister of Finance, Mr. Christos Staikouras in yesterday’s statements confirmed that the budget course remains positive for the fourth quarter as well, as the revenues for November are estimated to have exceeded the budget targets, by about 480 million euros.

With these data, the GDP growth for the third quarter may be lower than the increase of 16.2% that we had in the second quarter of 2021, but it is important and if nothing else, ensures that the growth rate 6 , 9% set as a formal budget forecast is feasible, if not conservative.