Greek Economy Contracts a Record 15.2% in Second Quarter of 2020



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The Greek Statistical Authority (ELSTAT) announced on Thursday that the Greek economy  contracted by 15.2% in the second quarter of 2020, a record which even surpasses the recession during the peak of the economic crisis in the years 2011-12.

ELSTAT says that the contraction reflects the impact on GDP of the COVID-19 pandemic and the restriction measures that were put into place.

The recession was slightly below the 16% contraction of earlier estimates.

Analysts say that the second quarter data have been even more painful for other economies in the euro area, and especially for those in the South, which depend heavily on tourism.

Italy, the third largest economy in the euro, saw its GDP shrink by 17.3%, while Spain faced a recession of 22.1%. Overall, the GDP of the Eurozone shrank by 12.1%, while that of the 27 members of the EU recorded a drop of 11.7%.

According to the official ELSTAT data for the second quarter:

  • Total final consumption expenditure decreased by 9.3% in comparison with the 1st quarter of 2020.
  • Gross fixed capital formation (GFCF) decreased by 2.0% in comparison with the 1st quarter of 2020.
  • Exports of goods and services decreased by 32.1% in comparison with the 1st quarter of 2020. Exports of goods decreased by 12.3% while exports of services decreased by 48.3%.
  • Imports of goods and services decreased by 16.7% in comparison with the 1st quarter of 2020. Imports of goods decreased by 14.7% while imports of services decreased by 24.8%.
Credit: ELSTAT