The Greek economy grew by 1.9 pct in 2018, with the country’s GDP totaling 190.8 billion euros, from 187.2 billion in 2017, Hellenic Statistical Authority said in a report released on Thursday.
The statistics service attributed this development to a 0.3 pct increase in total consumption spending (household spending grew 1.1 pct and general government spending fell 2.5 pct), an 1.8 pct increase in private investments (gross capital formation) and an 8.7 pct increase in exports of goods and services (imports rose 4.2 pct).
The statistics service, in its first estimate, said the Greek GDP in current prices totaled 184.7 billion euros in 2018 from 180.2 billion in 2017, an increase of 2.5 pct.
The Greek GDP grew 1.6 pct in the fourth quarter of 2018 compared with the same period in 2017, as total consumpton spending grew 0.3 pct (household spending rose 1.1 pct and general government spending fell 1.4 pct), private investments fell 27.2 pct, exports of goods and services rose 10.6 pct (goods rose 8.2 pct and services rose 12.8 pct), imports of goods and services increased 2.0 pct (goods rose 0.2 pct and services jumped 13.1 pct).
On a quarterly basis, the GDP fell 0.1 pct in the fourth quarter compared with the third quarter of 2018, as total consumption spending fell 0.2 pct (household down 0.2 pct and general government up 1.5 pct), private investments fell 3.6 pct, exports of goods and services rose 1.8 pct and imports and goods and services fell 7.8 pct.