Hellenic Statistical Authority: Growth rate of 1.8 percent in second quarter

The Greek economy followed an upward trend in the second quarter of 2018, with a growth rate of 1.8 percent on an annual basis and 0.2 percent on a quarterly basis, according to provisional data released by the Hellenic Statistical Authority (ELSTAT).

Based on the data, GDP in the first quarter rose by 2.15 percent on an annual basis.

The total consumption expenditure rose by 0.8 percent, as compared to the first quarter of 2018.

The final consumption expenditure rose by 0.5 percent, compared to the first quarter of 2018.

Gross fixed asset formation remained unchanged, as compared to the first quarter of 2018.

There was a 3.9 percent increase in the first quarter of 2018 in the export of goods and services. The export of goods increased by 1.6 percent, while the export of services increased by 6.5 percent.

There was a 4.8 percent increase in the import of goods and services, compared to the first quarter of 2018. The import of goods rose by 4.6 percent, and the import of services rose by 5.2 percent.

The final consumption expenditure rose by 0.8 percent compared to the second quarter of 2017 – a one percent increase in the private sector and a two percent drop in the public sector.

Gross fixed asset formation fell by 5.4 percent, compared to the second quarter of 2017.

There was a 9.4 percent increase, compared to the second quarter of 2017, in the export of goods and services. The export of goods increased by 7.2 percent, while the export of services rose by 12.2 percent.

There was a 4.3 percent increase in the import of goods and services, compared to the second quarter of 2017. The import of goods increased by 1.7 percent, and there was a 16.2 percent increase in the import of services.