Greek economy grew 8.3% in 2021 thanks to investments and exports


The Greek economy grew by 8.3% in 2021 with the country’s Gross Domestic Product rising to 181 billion euros from 167.1 billion in 2020, Hellenic Statistical Authority said on Friday. More specifically, the Greek GDP grew by 7.7% in the fourth quarter of 2021 compared with the same period in 2020 and grew by 0.4% in comparison with the third quarter of the year.

On an annual basis, GDP growth reflected an 8.8% increase in final consumption spending (household spending up 9.7% while general government spending eased 0.8%), private investments (gross fixed capital investments) jumped 24.1%, exports of goods and services rose 24.1% (goods up 4.1%, services up 63.2%) and imports rose 33.2% (goods up 29.8% and services up 43.4%).

On a quarterly basis, GDP growth reflected an 1.9% increase in final consumption spending (household up 2% and government down 2.3%), private investments rose 1.8%, exports of goods and services rose 7.3% and imports were up 5.8%.

“The Greek economy, in the midst of an adverse environment, recovered strongly in 2021 covering almost all the losses of 2020,” stated Minister of Finance Christos Staikouras and Development Minister Adonis Georgiadis in an joint statement, commenting on ELSTAT’s figures on the course of the country’s GDP in 2021.

They underlined, however, that “this is clouded by the new international environment of high uncertainty and insecurity that eats up the citizens’ disposable income and significantly burdens households.”

For this reason, the two ministers said, “citizens and the state are called upon to continue to work with full sense of the above challenges in order for the present strong recovery to pass the baton to a high, sustainable and socially equitable growth in the interests of all and primarily the younger generation.”