ATHENS, December 6 (Reuters) – Greece’s economic rebound from the pandemic was helped by a strong third-quarter tourism performance, with the country’s annual growth rate remaining in double digits, consumer spending and investment remaining robust.

Seasonally adjusted data showed gross domestic product increased 2.7 percent from a downward-revised growth rate of 2.1 percent in the second quarter and an annual rate of 13.4 percent after. a rate revised upwards of 16.6% in the previous quarter.

“The growth momentum of the economy accelerated in the third quarter compared to the previous one with a boost from tourism which performed better than expected,” said National Bank senior economist Nikos Magginas.

Based on the latest readings, the economy was heading for annual growth of over 8.0%, he said.

“Growth is expected to exceed 8.0% for the full year, even assuming a significant slowdown in the fourth quarter,” he said.

Shortly after the data was released, Finance Minister Christos Staikouras said GDP growth for the nine months ending September had exceeded 9.3%, making this year’s target “absolutely achievable” .

Greece has forecast that GDP will grow by 6.9% this year after an economic contraction of 9.0% induced by the pandemic last year.

Prime Minister Kyriakos Mitstotakis told Reuters last week that the economy is set to grow by more than 7% this year, as it has already regained all the ground lost to the pandemic. Read more

Investing from July to September maintained the momentum seen in the second quarter and consumer spending remained strong despite a slowdown, economist Magginas said.

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KEY FIGURES Q3 T2 T1 T4 T3

GDP (t / t,%) 2.7 2.1 * 4.2 * 3.9 * 5.6 *

GDP (y / y,%) 13.4 16.6 * -1.9 * -7.3 * -11.0 *

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amended

source: ELSTAT

Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by Nick Macfie

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