Greek Economy Grows In First Quarter Despite Lockdown

Greece's economy grew by 4.4 percent in the first quarter despite a six-month coronavirus lockdown, provisional state data showed Friday

Athens (UrduPoint / Pakistan Point News - 4th Jun, 2021 ) :Greece's economy grew by 4.4 percent in the first quarter despite a six-month coronavirus lockdown, provisional state data showed Friday.

The Elstat statistics agency said gross domestic product had increased on a monthly basis, boosted by service exports and only a minor dip in consumer demand.

In a year-on-year comparison, the economy contracted by 2.3 percent.

After a lockdown imposed in November, Greece began removing mobility and business restrictions in March starting from archaeological sites.

Greek national output had plunged by 8.2 percent in 2020 as the pandemic shut down the global travel sector, one of the country's main sources of income.

The International Monetary Fund said this week the Greek economy is projected to grow by 3.3 percent this year, and accelerate to 5.4 percent in 2022.

The European Commission has estimated Greek growth this year at 4.1 percent and 6.0 percent in 2022.