ECONOMY

Greek economy contracted 9% last year

greek-economy-contracted-9-last-year

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 euros, from €183.640 billion in 2019, the Hellenic Statistical Authority said on Friday.

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

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