The Greek GDP registered a 1.3 percent hike in the third quarter, as compared to the same period in 2016, according to provisional data released by the Hellenic Statistical Authority (ELSTAT) today.
On a quarterly basis, the rise is 0.3 percentage points of GDP, with a 1.1 percent growth rate for the first nine months of 2017.
GDP in the third quarter was 44.45 billion euros, a 2.2 percentage point rise over the same period in 2016 (43.55 billion euros).
The data released by ELSTAT indicate that for the budget figures to add up, a 3.1 percent growth rate is required in the last quarter, given the fact that the third quarter rise was not as great as expected.
ELSTAT also revised its growth rate figures for Q2, which raised the figure to 1.6 percent, from the prior projection of 0.8 percent.
The statistical authority retained its 0.4 percentage point growth rate figure for the Q1.
Based on Q3 performance, growth in the first nine months of 2017 shaped up at 1.1 percent of GDP.
Drop in investments
According to ELSTAT’s figures, the main factors contributing to the lower than expected increase in GDP were the following:
Total final consumption expenditure decreased by 0.1% in comparison with the 2nd quarter of 2017.
Gross fixed capital formation (GFCF) decreased by 6.1% in comparison with the 2nd quarter of 2017.
Exports increased by 5.0% in comparison with the 2nd quarter of 2017. Exports of goods decreased by 0.6% while exports of services increased by 9.8%.
Imports increased by 0.4% in comparison with the 2nd quarter of 2017. Imports of goods decreased by 0.6% while imports of services increased by 3.3%.