In the second quarter, GDP contracted 6.2% over the same period last year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 13 August. The decline followed the 6.5% drop recorded in the first quarter and was slightly below the 6.6% decline expected by Consensus Forecast panellists last month. The Greek economy has been contracting virtually uninterruptedly since the fourth quarter of 2008, with the exception of a mild rebound in Q1 2010. Against this backdrop, it now seems very unlikely that the country can meet the targets agreed with the ECB-IMF-European Commission troika. EL.STAT has not provided seasonally adjusted figures since Q1 2011 due to methodological problems. The statistics agency is due to release more complete data on 7 September.
Economy continues to shrink in the second quarter
August 13, 2012
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Greece GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Hellenic Statistical Authority (EL.STAT) and Focus Economics Consensus Forecast.
Greece Economic News
October 10, 2016
In August, industrial production fell a working-day adjusted 0.3% compared to the same month last year, which contrasted the revised 4.7% expansion in July (previously reported: +4.1% year-on-year).
October 6, 2016
The number of unemployed fell by 5,357 in July, according to the Hellenic Statistical Authority (EL.STAT.).
October 3, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) deteriorated in September, erasing most of the gains made in August.
September 9, 2016
In July, industrial production rose a working-day adjusted 4.1% compared to the same month last year, which came in below the revised 7.9% expansion in June (previously reported: +7.5% year-on-year).
September 8, 2016
The number of unemployed fell by 6,800 in June, according to the Hellenic Statistical Authority (EL.STAT.).