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The economy grew by 6.9% during the third quarter of the year according to Instat compared to the same period of 2020, but slowing down the growth rate compared to the second quarter when it expanded by 17.9%.
Economic growth this quarter was driven by financial and insurance activities that saw a double-digit growth of 27.7% compared to the same period a year earlier.
Impact on the expansion of the economy this period which coincides with the peak of the tourist season has been given by tourism with branches related to trade, transport, and hotel with 13.7% growth, followed by net taxes, the positive performance of the extractive industry and energy that are increased by 9.3%.
In another part, this increase has come from expenditures for education and especially for health as a result of the Covid-19 pandemic, giving a contribution of 6.8% more than a year ago, due to high expenditures for health services.
Real estate and construction activity on the other hand continue to expand as they have increased this quarter, although at a slower pace than compared to the previous quarter, also influenced by the reconstruction process.
After the decline in the second quarter, it seems that agriculture on the other hand has shown signs of recovery this period, marking a slight increase of 0.2%.
Regarding the final consumption of the population, which constitutes the main share of expenditures in the economy, it results in an increase of 3.3%, while that of the government, according to Instat data, expanded by 7.5% at the end of September.
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