Athens, March 6 (TIWN) The Greek economy contracted by 8.2 per cent on an annual basis in 2020, according to the first estimate the Hellenic Statistical Authority (ELSTAT) released.

The country’s gross domestic product (GDP) amounted to 168.5 billion euros ($202.7 billion), compared to 183.6 billion euros in 2019, ELSTAT said.

The 8.2 per cent GDP contraction for 2020 is considerably lower than the official estimate of a 10.5 per cent recession projected in the 2021 budget. The latest European Commission estimate had been a 10 per cent contraction in Greece.

“The result is better than the estimates, thanks to the revision of the previous quarter and the relatively good picture in the fourth quarter,” Staikouras noted. “On a quarterly basis the Greek economy showed in the fourth quarter (Q4) probably the best performance in Europe,” he added, referring to the European Union.