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Greece 4Q GDP narrows 0.1% q-o-q; Up 1.6% y-o-y

Staff Writer | March 8, 2019
Greece’s fourth quarter GDP narrowed, in volume terms, by 0.1% on a quarterly basis, according to the seasonally adjusted provisional data released by the National Statistics Service or ELSTAT.
Greece street
Europe   Non-seasonally adjusted data provided a 1.6% expansion
Seasonally-adjusted data showed that the fourth quarter GDP grew by 1.6% compared to the respective period of 2017, below street’s expectations which were for a flat q-o-q rise and 2.2% on an annual basis.

Non-seasonally adjusted data provided a 1.6% expansion of the fourth quarter GDP on an annual basis.

According to first estimate, GDP for 2018 in volume terms amounted to 190.8 billion euro compared with 187.2 billion euro for 2017 recording an increase of 1.9%, ELSTAT said.

A second GDP estimate for the year 2018 is scheduled to be released on October 16, 2019, added.

Economy’s growth came in slightly below official estimates, which were for 2% GDP expansion in 2018.

Moreover, ELSTAT revised the second and third quarter GDP data, which shows a 1.5 and 2.1% expansion y-o-y, respectively from 1.7% and 2.2% previously.

ELSTAT data showed that fourth quarter final consumption dropped by 0.2% q-o-q but firmed 0.3 y-o-y, while gross fixed capital formation growth decreased 3.6% and 27.2% q-o-q and y-o-y respectively.

Exports of goods and services increased 1.8% q-o-q and 10.6% q-o-q and y-o-y respectively, while imports were down 7.8% q-o-q in the fourth quarter but 2.0% higher y-o-y.