Greece’s economy contracted by 9.0 percent in 2020, deeper than estimate



The Greek economy contracted by 9.0 percent last year, deeper than an 8.2-percent estimate made in March. The country’s GDP reached 167.077 billion euros, from 183.640 billion in 2019, the Greek Statistical Authority said on Friday.


More specifically, final consumption spending fell 5.5 pct (household consumption down 8 pct and general government consumption up 2.6 pct), from a 3.4 pct decline announced in the first estimate in March.


Imports of goods and services fell 7.6 pct (6.8 pct the first estimate), exports of goods and services dropped 21.5 pct (-21.7 pct the first estimate), while private investments (gross fixed capital formation) fell 0.3 pct.