Greek GDP contracted by 0.9 pct in Q1: Recession smaller than in other Eurozone countries
File photo: amna_news
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
The Greek economy contracted by 0.9 pct in the first quarter of 2020, reflecting the consequences from the Covid-19 pandemic since mid-March when the government introduced a lockdown in the country.
Finance Minister Christos Staikouras, commenting on the GDP data said: “The recession is significantly smaller than in other Eurozone countries which averaged -3.2 pct in the first quarter and proves that the government’s economic plan and its implementation were moving in the right direction”.
More specifically, Hellenic Statistical Authority said that the country’s Gross Domestic Product (GDP) fell 0.9 pct in the January-March period compared with the corresponding period last year and fell by 1.6 pct from the previous quarter, totaling 47.739 billion euros, down from 48.516 billion at the end of the fourth quarter of 2019.
The statistics service said that total final consumption spending rose 0.1 pct in the three-month period (household consumption fell 0.7 pct and general government consumption rose 2.0 pct).
Private investments (gross fixed capital investments) fell 6.4 pct, exports of goods and services rose 2.5 pct (exports of goods rose 4.7 pct and exports of services increase by 0.01 pct).
Imports of goods and services rose 0.2 pct (imports of goods rose 0.2 pct and imports of services edged 0.3 pct up). On a quarterly basis, final consumption spending fell 0.4 pct (household consumption eased 0.9 pct and general government consumption rose 2.3 pct).
Private investments fell 8.4 pct, exports of goods and services rose 0.1 pct (exports of goods rose 2.7 pct and exports of services eased 2.3 pct), while imports of goods and services rose 5.4 pct (imports of goods rose 8.3 pct and imports of services eased 8.0 pct).
The statistics service will publish revised GDP figures at a later stage.
Source: ANA- MPA
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