Greek economy grew by over 8% in 2021, surpassing expectations

growth economy

The Greek economy grew by 8.3% in 2021 with the country’s Gross Domestic Product rising to 181 billion euros from 167.1 billion in 2020, Hellenic Statistical Authority said on Friday.

More specifically, the Greek GDP grew by 7.7% in the fourth quarter of 2021 compared with the same period in 2020 and grew by 0.4% in comparison with the third quarter of the year.

On an annual basis, GDP growth reflected an 8.8% increase in final consumption spending (household spending up 9.7% while general government spending eased 0.8%), private investments (gross fixed capital investments) jumped 24.1%, exports of goods and services rose 24.1% (goods up 4.1%, services up 63.2%) and imports rose 33.2% (goods up 29.8% and services up 43.4%).

On a quarterly basis, GDP growth reflected an 1.9% increase in final consumption spending (household up 2% and government down 2.3%), private investments rose 1.8%, exports of goods and services rose 7.3% and imports were up 5.8%.

READ MORE: Yiannis Economou: We have a plan for the economy despite multiple crises.

Meanwhile, Prime Minister Kyriakos Mitsotakis, who is visiting the island of Syros, on Friday visited the premises of ONEX Neorion Shipyards.

“I am very happy to visit today the shipyard, which is full of life. You contribute 15 percent to the island’s GDP and offer more than 500 jobs,” Mitsotakis said.

“I am very happy that here you have succeeded…. This is how we envisaged growth in the country. Above all, when we speak of growth, we speak of good jobs,” the prime minister continued.

“Especially when we speak of Syros, with such a long history in shipyards, which identifies with the capital of Cyclades, Ermoupolis,” he added.

Mitsotakis also said that the government will support this investment “as we are close to any productive investment that creates jobs.”

As government sources said, according to AMNA, Neorion Shipyards are the proof of the recovery of the shipyards’ sector in Greece and the invigoration of industrial activity.

READ MORE: BoG expects Greek economy to grow faster than expected.