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Greece economy shrinks 15.2 pct in Q2 year-on-year

Christian Fernsby ▼ | September 4, 2020
Greece's economy declined 15.2 percent in the second quarter of 2020 on an annual basis, the country's statistics agency reported on Thursday.
Greece airport
Year-on-year   Greece airport
On a quarterly basis, Greece saw its economy shrink 14 percent from the January-March period, as most of the second quarter overlapped the coronavirus lockdown period. This is the biggest quarterly contraction the Hellenic Statistical Authority has recorded since 1995 when it started using the existing methodology.

Topics: Greece

A large number of businesses in Greece were forced to temporarily shut down from late March to May in observance of government measures to contain the pandemic.

The government has also spent over 24 billion euros (28.4 billion U.S. dollars) in support and benefits to businesses and workers so as to avoid further damages to the economy.

Over the first half of the year, the economy has declined by less than 7.9 percent on an annual basis.

Finance Minister Christos Staikouras has said the economy may shrink by around 8 percent throughout 2020. The official forecast from the ministry in April had been for a 15.7-percent contraction during the second quarter.

Data also showed an 11.6 percent yearly reduction in household consumption in the April-June period, while private investments shrank 10.3 percent, exports declined 32.1 percent and imports fell 17.2 percent from the second quarter of 2019.