Greek Economy Grows by a Meager 1.3 Percent in First Quarter of 2019

The Greek economy grew by 1.3 percent in the first quarter of the year, exactly half the rate it had grown during the same three-month period in 2018, when gains came to 2.6 percent. The figures were released by the country’s statistical service, ELSTAT, on Tuesday.

The Greek economy’s GDP grew by a paltry 0.2 percent more than it had during the fourth quarter of 2018.

According to ELSTAT, total consumer expenditures also declined by 0.1 percent compared to the first quarter of 2018.

However, an increase of 4.0 percent compared to the first quarter of 2018 was recorded by exports of goods and services from Greece. The export of goods from the country decreased by 0.7 percent, while exports of services increased by an impressive 8.7 percent.

The Greek economy did show a decided return to growth, increasing by 1.5 percent in 2017, an estimated 2.1 percent in 2018 and an IMF forecast of 2.4 percent for 2019.

Still, Greek GDP had fallen a total of 26 percent between 2007 and 2014; in 2019, it will still be more than 20 percent less than it was 12 years ago. Even if the economy grows at two percent per year, it will not return to its pre-crisis size until the early 2030s.

The following graph depicts the growth rate of the GDP in each quarter from 2010 to 2019.