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GDP growth at 1.8% for second quarter of 2018

According to provisionary figures released by the Hellenic Statistical Authorities (ELSTAT), GDP growth was below projections for the second quarter of 2018 (1.8%), but higher than initially announced in June for the first quarter of the year (2.5% vs. 2.3%).

This increase is also due to the comparison with the very low baseline of 2017 (base effect) as the Greek economy in the second quarter of 2016 had plummeted below the level of the second quarter … 2013 (GDP 46.023 billion in the year 2016).

Based on ELSTAT’s latest data, GDP growth in the second quarter of 2018 was 2.5% and not 2.3% as originally announced. However, the growth rate was halted by the second quarter.

In April-June 2018, GDP grew by 1.8%. Overall, in the first half of the year, the economy moved at a rate of 2.15%, meaning it has to increase by at least 2.5% in the 2nd half of 2018 to confirm the government’s forecast for an annual 2.3% according, to the Medium Term that it filed in June.

By contrast, Investment (Gross Fixed Capital Formation) declined by 5.4% in the second quarter of 2018 – after a sharp decline of 10.3% in the first quarter. Based on seasonally adjusted ELSTAT data, they amounted to 5.1 billion euros, returning to levels that were in the same period of 2016 and 2017.