Greece Growth Still Laggard Among EU Members, Says Eurostat

Athens, Greece. Photo: GTP

Annual GDP growth in Greece slowed down in Q1 2019 compared to the previous three quarters, according to figures released this week by Eurostat, the EU’s statistical service, recording a 1.3 percent increase against 1.5 percent and 2.1 percent in the previous two quarters.

Greece is last among countries that entered bailout programs, according to ELSTAT. Indicatively, Cyprus recorded a 3.5 percent growth increase, 2.6 percent in Ireland (fourth quarter 2018), 1.8 percent in Portugal, and 2.4 percent in Spain.

In the meantime, eurozone countries recorded accelerating growth and increasing employment in the first quarter of 2019, with GDP growth at 0.4 percent against a 0.2 percent rise recorded in the fourth quarter of 2018.

GDP in the EU was stronger by 0.5 percent from 0.3 percent in the fourth quarter of 2018 with growth in Greece clearly below the eurozone and EU average, up by a mere 0.2 percent.

Employment

According to Eurostat figures for Q1 2019, employment across the eurozone increased by 0.3 percent compared to Q4 2018.

Greece marked a 0.6 percent rise in employment, double the figures recorded in the previous quarters in 2018 at 0.2 percent and 0.3 percent.

Annually, employment increased by 1.3 percent in the eurozone and by 1.1 percent in the EU in the first quarter of 2019 against the corresponding period in 2018.

In Greece, employment grew by 2.1 percent on a yearly basis compared to 1.8 percent in the fourth quarter of 2018 and 1.7 percent in the third.

The European Commission is forecasting for Greece a 1.5 percent rise in employment in 2019 and up by 1.3 percent in 2020. Overall in 2018, employment increased annually by 1.7 percent.