The Greek economy grew by a rate of 2.3 percent over the first quarter of 2018, Greece’s statistics authority announced on Monday, compared with the same period in 2017. The absolute increase in the yearly GDP rate so far is 0.8 percent.
A surge in exports was cited as a major boost for economic growth, whereas investments slumped. On the negative side, household consumption fell, attributed to the effects of a “tax tsunami” unleashed on the middle-classes by the current government.
Specifically, consumer spending fell by 0.3 percent, compared to Q1 2017, while gross investment of capital dropped by 10.4 percent compared to the same period last year.
Conversely, exports posted a noteworthy increase, yoy, up by 7.6 percent from Q1 2017 – with goods and product exports up 10.5 percent and 3.8 percent for services.
Also improving the pending balance of trade figures was a drop in imports of goods and services, down 2.8 percent in Q1 2018 compared to the first trimester of 2017.
