GDP contracted an annual 6.6% in the fourth quarter, down from the third quarter's decline of 5.1%. The fourth quarter contraction represents the deepest quarterly decline since the economy started to contract in the fourth quarter of 2008. Final consumption expenditures dropped by 6.7% (Q3: -6.9% year-on-year), with private consumption plunged 8.6% (Q3: -5.6% yoy) and government spending fell 1.9% (Q3: -11.4% yoy). In addition, investment contracted 7.6% (Q3: -22.0% yoy). Exports of goods and services increased 12.8% (Q3: -0.9% yoy), while imports declined 3.2% (Q3: -8.9% yoy), giving the only upbeat tone to the GDP report. The Hellenic Statistical Authority (EL.STAT) did not provide seasonally adjusted figures due to methodological problems. According to the flash estimate released on 15 February, GDP contracted a seasonally adjusted 1.4% over the previous quarter, which represented a slight improvement compared to the revised 1.7% drop recorded in the third quarter.
Economy falls deeper into recession in the fourth quarter
March 18, 2011
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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.).