It closed with an increase of 16.2%. Gross Domestic Product in the second quarter of 2021 on a seasonally adjusted basis compared to the corresponding quarter of 2020, according to provisional data announced by ELSTAT on Tuesday afternoon.
On a quarterly basis, i.e. compared to the first quarter of 2021, GDP increased by 3.4%. On a non-seasonally adjusted basis, GDP grew by 16.41% in real terms.
The changes in the main macroeconomic indicators in terms of volume, seasonally adjusted, are as follows:
1. Quarterly changes
- Total final consumption expenditure increased by 0.21% compared to the first quarter of 2021.
- Gross fixed capital formation increased by 4.31% compared to the first quarter of 2021.
- Exports of goods and services increased by 2.91% compared to the first quarter of 2021. Exports of goods increased by 2.91%, while exports of services increased by 0.81%.
- Imports of goods and services increased by 5.01% compared to the first quarter of 2021. Imports of goods increased by 3.81%, while imports of services increased by 19.81%.
2. Annual changes
- Total final consumer spending increased by 12.11% compared to the second quarter of 2020.
- Gross fixed capital formation increased by 12.91% compared to the second quarter of 2020.
- Exports of goods and services increased by 22.61% compared to the second quarter of 2020. Exports of goods increased by 17.11%, while exports of services increased by 28.81%.
- Imports of goods and services increased by 22.51% compared to the second quarter of 2020. Imports of goods increased by 19.71% and imports of services increased by 35.21%.
Staikouras: GDP growth above 3.61% for the whole of this year
The trend in private and public consumption, investment, and net exports, as well as the continued upward trajectory of industrial production, manufacturing, construction activity, and tourist arrivals indicate, According to Finance Minister Christos Staikouras, the trend in GDP for the whole of this year will be better.
“Today, ELSTAT released preliminary data on the performance of the Greek economy in the second quarter of 2021.
The data show that GDP increased by 16.21% compared to the corresponding quarter of 2020.
Thus, for the first half of 2021, the growth rate is now estimated at around 7%.
This confirms the strong recovery of the Greek economy.
A recovery that is even stronger than initial forecasts.” This was emphasized in a statement by Finance Minister Christos Staikouras regarding ELSTAT's provisional data for GDP in the second quarter of 2021. He added:
“This development, on the one hand, confirms the correctness and effectiveness of the Government's economic policy, and on the other hand, requires us to remain vigilant and intensify our efforts.
These data, combined with the positive performance of all components of domestic demand, i.e., private and public consumption, and especially investment, net exports, but also the continued upward trend of leading indicators, such as the economic climate, industrial production, manufacturing, construction activity, and tourist arrivals, indicate that GDP growth for the year as a whole will be better than the estimates made in the Medium-Term Fiscal Strategy Framework.
Consequently, it appears that the economy and the economic policy pursued, within the foggy global environment, are maintaining their strategic orientation for a rapid recovery of what was lost due to the pandemic, significantly improve household disposable income, and further develop the Greek economy in a sustainable manner, for the benefit of all citizens.
Mitsotakis: The Greek economy is growing beyond expectations
Prime Minister Kyriakos Mitsotakis posted the following in English about the increase in GDP:
«The Greek economy grew by 16.21% year-on-year in the second quarter, exceeding expectations. Even during a period of partial lockdowns, quarterly GDP is already above pre-pandemic levels. We remain focused on reforms that deliver inclusive growth and raise living standards for all.».
Greece's economy surges 16.21% year on year in the second quarter, shattering expectations. Even during a period with partial lockdowns, quarterly GDP is already above pre-pandemic levels. We remain focused on reforms that deliver inclusive growth and raise living standards for all.
— Prime Minister GR (@PrimeministerGR) September 7, 2021
Georgiadis: Justification of the efforts of the government and the Greek people
«Today's results from ELSTAT are a great vindication of the efforts not only of the government but of the entire Greek people.» This was noted by the Minister of Development and Investment, Adonis Georgiadis, in a statement on the 16.21% increase in GDP in the second quarter of 2021 compared to the same period in 2020, as announced today by ELSTAT.
He notes: «We are continuing our efforts to achieve even better financial results in the future.».
Specifically, the minister stated:
«Today's results from ELSTAT are a great vindication of the efforts not only of the government but of the entire Greek people.
In terms of quarterly GDP, all Greeks managed to make up for the total losses caused by the pandemic in the same quarter of 2020:
GDP for the second quarter of 2021: €45 billion 987 million,
GDP for the second quarter of 2019: €45.972 billion
(in volume indices, seasonally adjusted data).
We have exceeded the forecasts of international organizations and rating agencies, Greece ranks among the top countries in the European Union (6th out of 27) and, most importantly, economic growth has the characteristics of healthy economic growth, laying the foundations for lasting rather than temporary good economic results:
– Increase in investments by 12.91% (Q2 2021/Q2 2020)
– Increase in exports of goods by 17.11% (second quarter of 2021/second quarter of 2020)
In other words, growth is no longer based solely on consumption and tourism.
We are continuing our efforts to achieve even better financial results in the future, with the aim of benefiting the entire Greek people from our collective success.
