ELSTAT: Greek economy contracted 9% in 2020

German Greek economy set to shrink but due for recovery in 2021

The Greek economy contracted by 9.0 pct last year, deeper than an 8.2 pct estimate made in March, with the country’s GDP reaching 167.077 billion euros, from 183.640 billion in 2019, Hellenic Statistical Authority (ELSTAT) said on Friday.

More specifically, Greek consumption spending fell 5.5 pct (household consumption down 8 pct and general government consumption up 2.6 pct), from a 3.4 pct decline announced in the first estimate in March.

Imports of goods and services fell 7.6 pct (6.8 pct the first estimate) and exports of goods and services dropped 21.5 pct (-21.7 pct the first estimate).

Private investments (gross fixed capital formation) fell 0.3 pct.

READ MORE: IMF: Greece will return to primary budget surpluses from 2023.

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