Economy contracts 9% in 2020

Economy contracts 9% in 2020

The Greek economy contracted by 9% last year, deeper than an 8.2 % estimate made in March, with the country’s GDP reaching €167.077 billion, down from €183.640 billion in 2019, the Hellenic Statistical Authority (ELSTAT) said on Friday.

More specifically, final consumption spending fell 5.5% (household consumption down 8% and general government consumption up 2.6%), from a 3.4% decline announced in the first estimate in March.

Imports of goods and services fell 7.6% (compared to 6.8% in the first estimate), exports of goods and services dropped 21.5% (-21.7% the first estimate), while private investments (gross fixed capital formation) fell 0.3%. [AMNA]

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.