Greece had the second-largest growth rate, after Poland, at 2.3 percent in the second quarter of 2024, compared to the corresponding period of 2023, according to the Eurostat data.
Every quarter, GDP rose by 1.1 percent. In the first quarter, Greece’s GDP had increased by 2.1 percent on an annual basis and by 0.8 percent every quarter.
Eurostat data are produced by the national statistical institutes of the EU members, in the case of Greece by the independent Hellenic Statistical Authority (ELSTAT).
ELSTAT said that consumption, investments and exports had a significant impact on GDP growth. Specifically, consumption rose by 0.9 percent on an annual basis and 0.3 percent every quarter, while the increase in investments was even higher (3.9 percent and 0.8 percent, respectively).
Exports of goods increased by 2 percent year-on-year and by 5.2 percent compared to the first quarter of 2024, and exports of services by 2.8 percent and 1 percent, respectively).
On the other hand, imports of both goods and services recorded greater increases than exports.
Growth in Greece relative to the first quarter
Quarterly changes, relative to the first quarter of 2024:
– Total final consumer spending rose by 0.3 percent
– Gross fixed capital investment increased by 0.8 percent
– Exports of goods and services showed an increase of 2.5 percent
– Imports of goods and services rose by 6.1 percent
Annual changes relative to the second quarter of 2023:
– Total final consumer spending up 0.9 percent
– Gross fixed capital increased by 3.9 percent
– Exports of goods and services rose 2.1 percent.
– Imports of goods and services up 9.6 percent.
Mitsotakis hails growth in the economy
“Today I want to share some encouraging news that’s come from Eurostat, according to which the Greek economy grew at the second-highest rate in the European Union during the second quarter of 2024, relative to the first quarter,” Prime Minister Kyriakos Mitsotakis commented in a social media post on Friday.
“In order for growth to have meaning, however, it must translate into even more and better-paid jobs, an increase of the available income and a reduction of inequality. More in my speech tomorrow at the Thessaloniki International Fair (TIF),” the premier added.
Mitsotakis is expected to unveil plans on Saturday to increase pensions, reduce social security contributions and improve public services in an effort to win back voters angered by a lingering cost of living crisis.
In his annual speech on the economy at the Thessaloniki Trade Fair, Mitsotakis will focus on boosting purchasing power and increasing funding for education and healthcare, three government sources told Reuters, as he paints a picture of en economy emerging from a decade-long debt crisis.
He is also expected to unveil measures to increase housing and halt a tumbling birthrate, which would be financed through the reduction of funds for unemployment benefits.
