[ad_1]
LAST UPDATE: 12:22
its Dimitra kadda
ELSTAT today announced a vertical drop in GDP of 15.2% in the second quarter of 2020 compared to the corresponding period of 2019. This major recession reflects the cracks that the Greek economy suffered during the difficult April-June period during which the blockade was in full swing and the tourism sector remained practically closed.
The biggest hit is registered in exports of 32.1% and especially in services (mainly tourism) with the fall approaching 50%. Household consumption fell by 11.6% and in general in the economy by 10.1%, investments by 10.3% and taxes on products by 23.3%.
Analyzed by sector on an annual basis, exports of goods decreased by 15.4%, while exports of services decreased by 49.4%. Imports of goods and services decreased 17.2% compared to the second quarter of 2019. Imports of goods decreased 15.3% and imports of services decreased 25.7%.
ELSTAT also revised the data for the first quarter, limiting the recession to 0.5% from the 0.9% it estimated in its previous announcement. There is a similar improvement in the 2019 performance.
Within the “limits” of resistance
However, the recession does not go beyond the government’s plan. It is observed that, as the Minister of Finance Christos Staikouras reiterated today, the current forecast of financial personnel for the direction of the economy in 2020 is reduced by 8% of GDP, that is, based on the unfavorable scenario that was formed in the past month of April at the beginning. of the pandemic. This scenario, as the minister pointed out, was based on a 15.7% decrease in GDP in the second quarter of the year.
It is also noted that the data already announced at the European level (preliminary estimates) by Eurostat show that, on average, in the euro zone the drop in GDP was 15% during the same period. At the EU level, the drop was 14.1%. In Spain the decrease reached 22.1%, in Italy 17.3% and in Germany 11.7%. More new pan-European announcements are expected in the coming days (which will now include Greek data).
3-month data
Furthermore, based on the seasonally adjusted data available, the Gross Domestic Product (GDP) in volume terms during the second quarter of 2020 decreased 14.0%, compared to the first quarter of 2020. At the quarterly variation level, total spending on Final consumption decreased 9.3% compared to the 1st quarter of 2020. Gross fixed capital formation decreased 2.0% compared to the 1st quarter of 2020. Exports of goods and services decreased 32.1% compared to the 1st quarter of 2020 Exports of goods decreased 12.3%, while exports of services decreased 48.3%. Imports of goods and services decreased 16.7% compared to the 1st quarter of 2020. Imports of goods decreased 14.7%, while imports of services decreased 24.8%.
Data review
ELSTAT notes that the data for the second quarter of 2020 reflect the effects on GDP of the COVID-19 pandemic and the restrictive measures that took effect. All the best available data sources were used to compile the interim estimates. It is even noted that it is expected that the data will be revised, when the provisional data for the 3rd quarter of 2020 are prepared and announced based on the updated primary data that will be available (for example, quarterly non-financial accounts of the General Government, indicators of short-term, employment data, etc. etc.). Additionally, it is noted that seasonally adjusted sizes are recalculated each time a new quarter is added to the time series. Therefore, seasonally adjusted items are reviewed quarterly.
Read more:
* Defense spending “wedge” in tax relief and reduction packages – contributions
Read more:
