Greek GDP grew 1.4 pct in 2017, ELSTAT says

The Greek economy grew by 1.4 pct in 2017, totaling 187.1 billion euros, from 184.6 billion in 2016, the independent Hellenic Statistical Authority (ELSTAT) said on Monday.

The statistics service, in its first estimate report, said that in current prices, the Greek GDP totaled 177.7 billion euros in 2017, from 174.2 billion in 2016, for an increase of 2.0 pct. The statistics service will release its second estimate on the Greek GDP in October 17.

The Greek GDP grew 1.9 pct in the fourth quarter of 2017, compared with the same period in 2016 and by 0.1 pct compared with the third quarter of 2017. This development reflected a 0.3 pct decline in final consumption spending (household spending down 1.0 pct and general government spending up 2.1 pct), a 28.9 pct jump in private investments (gross fixed capital investments), a 5.3 pct rise in exports of goods and services (exports of goods rose 7.1 pct and export of services rose 2.9 pct). Imports rose 4.9 pct (imports of goods rose 3.9 pct and imports of services rose 9.7 pct).

Based on non-seasonally adjusted figures, the Greek GDP grew 1.8 pct in the fourth quarter compared with the same period in 2016.