Greece Macro Flash: GDP Q2:2017

​GDP growth gains traction in Q2:2017

  • Greek GDP growth accelerated to +0.8%, y-o-y in Q2:2017 from +0.4%, y-o-y in Q1:2017, maintaining its strong momentum, on a quarterly basis, of +0.5% (s.a. q-o-q) in both Q1:2017 and Q2:2017.
  • The most impressive component of the Q2 results was the solid development in exports of goods and services, which were the main driver of GDP in Q2:2017. Net export growth contributed +1.8 pps to annual GDP growth in this quarter -- the highest contribution in 2 years -- from -2.2 pps in Q1:2017 and -0.7 pps, on average, in FY:2016.
  • Private consumption was unexceptional, increasing by +0.7% y-o-y (lower than the Q1:2017 growth of 1.2% y-o-y). However, public consumption was quite strong (+3.3% y-o-y) in Q2:2017 -- partly related to the progress towards the completion of the 2nd review of the economic support programme in Q2, following an over-restraint in spending in Q1:2017.  
  • The main disappointment is the decline in gross fixed capital formation (by 4.6% y-o-y). The contraction mainly reflected lower non-residential construction (-9.3% y-o-y, partly related to a decline in public investment program disbursements of 24.9% y-o-y or -1.2% of GDP in Q2:2017) and negative base effects on investment in transportation equipment (-5.5% y-o-y) in comparison to a sharp upswing in spending in Q2:2016 (+122% y-o-y in Q2:2016 related to higher payments for merchant ships). Stripping out the effect of shipping, private sector non-residential investment fell by 3.5% y-o-y in Q2:2017, mostly due to public investment.
Greece Macro Flash: GDP Q2:2017
Download
Close

Contact Us

We are always ready to respond to your requests for information or to answer your questions about our products and services.

Request more information

Please complete the following details so we can provide you the information you need. In case of fraud, please contact our call center directly at 210 484 8484.
Optional custom content that replaces the the entire default content.
back-to-top