ELSTAT – Steep rise of 16.2% for the Greek economy in Q2

Strong GDP growth of 16.2% in the second quarter compared to 2020, following in the footsteps of the rest of the eurozone economies.

This gives the government room to support vulnerable households and businesses that will be tested by the coming wave of price hikes. The higher-than-expected performance of the economy in the second half of the year gives the green light to the financial staff and the government due to the larger fiscal space to consider a bigger gamut of relief measures.

According to ELSTAT data, the Gross Domestic Product (GDP) in terms of volume, in the 2nd quarter of 2021 showed an increase of 3.4%, compared to the 1st quarter of 2021, while compared to the 2nd quarter of 2020 it showed an increase of 16.2%.

In a statement, the Minister of Finance, Christos Staikouras stressed that "the data show that GDP increased by 16.2% compared to the corresponding quarter of 2020. Thus, for the first half of 2021, the growth rate is now around at 7%. The strong recovery of the Greek economy is therefore confirmed. A recovery that is even stronger than the initial forecasts ".

"This development, on the one hand, certifies the correctness and effectiveness of the Government's economic policy, and on the other hand, requires us to be vigilant and intensify our efforts. These data, combined with the positive course of all components of domestic demand, ie private and public consumption, and especially investment, net exports, but also the continuous upward trajectory of leading indicators, such as the economic climate, industrial production, manufacturing, construction activity, tourist arrivals, show that the course of GDP, in the whole of the current year, will be better than the estimates made in the Medium-Term Fiscal Strategy...