Greek economy sees more growth

EU

greece economy crisis

The Greek economy saw a 1.8% increase in growth according to the latest report released by the Hellenic Statistical Authority on Monday.

The Authority attributes the continuous growth trajectory experienced by Greece mainly to exports and consumption. It also revised upwards its estimate for the first quarter of 2018 (annual GDP growth of 2.5 pct from 2.3 pct) and said that GDP grew 0.2 pct in the second quarter from the first quarter of 2018.

-Total consumption spending grew 0.8 pct in the second quarter compared with the same period last year (after a zero change in the first quarter), with household consumption up 1.0 pct (zero change in the first quarter) and general government consumption down 2.0 pct (up 0.1 pct in the first quarter).

-Private investments (gross fixed capital investments) fell 5.4 pct (down 10.3 pct in the first quarter).

-Exports of goods and services rose 9.4 pct (up 8.0 pct in the previous quarter). Exports of goods rose 7.2 pct and exports of services rose 12.2 pct.

-Imports of goods and services rose 4.3 pct (down 3.1 pct in the first quarter). Imports of goods rose 1.7 pct and imports services rose 16.2 pct.

On a quarterly comparison, total final consumption spending rose 0.5 pct, gross fixed capital investments showed zero change, exports of goods and services rose 3.9 pct, imports rose 4.8 pct.

Based on non-seasonally adjusted figures, Greek GDP grew 1.8 pct in the second quarter compared with the same period in 2017.