Strong Consumer Spending Boosted Greece’s Economy in Q3
Economic growth in Greece accelerated in the third quarter and showed ninth straight quarter increase. According to the seasonally adjusted data from statistics agency ELSTAT, Greek gross domestic product (GDP) grew by 1.0% in the third quarter compared to an upwardly revised 0.4% increase in Q2.
On an annual basis, Greece's economic growth accelerated to 2.2% in the third quarter from a downwardly revised 1.7% in the second quarter. Also, GDP component was upwardly revised to 26% in the third quarter of 2017 from a previous 8.3% decline.
The Greek economic expansion was driven by stronger private consumption and a rise in inventories, helping to offset a significant drop in gross fixed capital formation which was amplified by an adverse base effect. Meanwhile, Greece projects 2.1% growth in 2018, and 2.5% increase next year.