ECONOMY

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]