The Greek economy moved at a high growth rate of 13.4% on a seasonally adjusted annual basis in the third quarter of 2021, according to data released by the Hellenic Statistical Authority (ELSTAT).
More detail:
Annual changes
o Total final consumption expenditure increased by 7.3% compared to the 3rd quarter of 2020.
o Gross fixed capital formation increased by 18.1% compared to the 3rd quarter of 2020.
o 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%.
Quarterly changes
o Total final consumption expenditure increased by 0.9% compared to the 2nd quarter of 2021.
o Gross fixed capital formation increased by 3.9% compared to the 2nd quarter of 2021.
o 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%.
o 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
o Total final consumption expenditure increased by 7.3% compared to the 3rd quarter of 2020.
o Gross fixed capital formation increased by 18.1% compared to the 3rd quarter of 2020.
o 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%.
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.
The estimates of the financial staff, based on the data available so far, are that the turnover of Tourism, for the quarter July-September, has exceeded 55% of the turnover of 2019, reaching 10.5 billion euros, compared to 25% of the turnover of 2019 (approximately 4.5 billion euros), which had been achieved in the same period of 2020.
In addition, the turnover of the vast majority of companies (excluding the clothing and footwear sectors) for the third quarter of the year, had reached the levels of 2019 and was increased by 26.9% compared to the turnover of 2020, an increase corresponding to 19.3 billion euros.
All this while private consumption increased by 4%, while construction activity, exports and investments ran at double-digit rates.
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.
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Source From: Capital
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