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The Greek economy records an impressive growth rate of 13.4% in the third quarter, ELSTAT says

The Greek economy was galloping at a growth rate of 13.4% in the third quarter of the year, as announced by the Hellenic Statistical Authority (ELSTAT).

Based on the available seasonally adjusted data, the Gross Domestic Product (GDP) in terms of volume, in the 3rd quarter of 2021 showed an increase of 2.7%, compared to the 2nd quarter of 2021, while compared to last year’s 3rd quarter of 2020 showed an increase of 13.4%.

Meanwhile, growth is revised even higher for the second quarter of 2021, to 16.6% instead of 16.2% that was announced on September 7. Respectively, for the first three months, the estimate changes, and instead of a recession of 2.3%, ELSTAT announced a smaller recession of 1.9%.

According to the data so far, the growth in the first 3 quarters is 9.4%, and therefore in order for the 6.9% annual growth forecast to fail for this year by the state budget, a recession of 0.6% would need to be recorded in the 4th quarter.

However, what appears is even greater growth and not a recession for the fourth quarter of 2021, a development that is expected to lead to an annual growth rate much higher than 7%.

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