The Greek economy grew strongly in the third quarter of the year, with the Gross Domestic Product rising 13.4% on an annual basis, Hellenic Statistical Authority said on Monday. More specifically, the statistics service attributed this positive development to increases in consumption, private investments and exports.
The statistics service revised GDP data for the first two quarters of 2021, with the GDP falling by 1.9% in the first quarter and growing by 16.6% in the second quarter.
Total final consumption spending grew 7.3% in the third quarter (household consumption rose 8.6% while general government consumption was up 5.7%). Private investments (gross fixed capital investments) rose 18.1%, exports of goods and services jumped 48.6% (exports of goods rose 9.2% while exports of services soared 84.6%) and imports rose 21.7% (imports of goods rose 10.1% and imports of services jumped 58.1%).
On a quarterly basis, the Greek GDP grew 2.7%, reflecting a 0.9% increase in total final consumption spending (household up 1.1% and general government off 0.1%), private investments up 3.9%, exports up 12.6% and imports up 7.3%.