ELSTAT: At 8.4% growth in 2021

Growth of 8.4% was recorded last year in the Greek economy, with ELSTAT even marginally improving its first estimate of March for a GDP increase of 8.3%.

According to the revised data, the GDP last year amounted to 181.343 billion euros.

The following contributed to the rise in GDP:

• Final consumer spending showed an increase of 4.9% compared to 2020, against a 6.8% increase announced in the first estimate. Household consumption increased by 5.9% and that of the General Government by 2.2%.
• Private investment (gross capital formation) moved up by 21.4%.
• Imports of goods and services showed an increase of 17.7%, against a 16.1% increase that had been announced in the first estimate.
• Exports of goods and services showed an increase of 24.1%, against an increase of 21.9% that had been announced in the first estimate.

According to ELSTAT, the revision of the data of the Annual National Accounts was made on the basis of the utilization of new and updated data from various sources such as:

1. Integration of the results of the Business Structure Surveys for 2019.
2. Updating estimates for the final consumption expenditure of households based on the results of the Family Budget Survey (FBS) for the years 2019-2020 and incorporating new estimates for 2021.
3. Integration of the Statistical Register of Businesses for 2019.
4. Integration of updated foreign trade data for the years 2019-2021.
5. Integration of updated General Government data for the years 2019-2021.
6. Integration of updated data using administrative tax data for Non-Profit Institutions serving Households (NPOs) for the years 2019-2021.
7. Integration of updated data for the sectors of Agriculture, Forestry and Fisheries for the years 2019-2021.
8. Incorporation of updated short-term indicators for the years 2020-2021.
9. Integration of updated employment data for the years 2019-2021.

Especially for 2021, it is noted that the second estimate was made using annual data from the sources (such as estimates of the final consumption expenditure of households based on the results of the Family Budget Survey, annual data of the Balance of Payments and Foreign Trade, annual data of the General Government and MKIEN, annual employment figures, etc.) and by the method of the Supply and Use tables by product.

Finally, it is noted that the figures for 2021 reflect the effects on GDP of the COVID-19 pandemic and the gradual lifting of the restrictive measures that came into force.

RES-EMP

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