Greece’s economy shrinks 9% in 2020

Last year, the Greek economy contracted 9%, higher than the March forecast of 8.2%. According to data Statistical Office of Greece, the country’s GDP fell to 167.077 billion euros from 183.640 billion euros in 2019.

In particular, final consumption spending fell 5.5% (household consumption fell 8% and general government consumption rose 2.6%), compared with a 3.4% decline announced in the first estimate in March.

Imports of goods and services fell by 7.6% (6.8% in the first estimate), exports of goods and services fell by 21.5% (-21.7% in the first estimate), and private investment (gross fixed capital formation) fell by 0.3%.

Thus, Greece’s public debt, amounting to € 380 795 million, is now 227.9% of the country’s GDP, which is another anti-record.

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