Greece GDP Q2 2016


Economy records smallest contraction in one year in Q2

Greece’s crisis-hit economy improved in the second quarter, although economic activity continued to shrink. According to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 12 August, GDP fell 0.1% in Q2 over the same period last year. The fall was less pronounced than the revised 0.8% decline recorded in Q1 (previously reported: -1.4% year-on-ear) and marked the best reading since Q2 2015.

On a quarterly basis, GDP expanded 0.3% in seasonally-adjusted terms. The result contrasted Q1’s revised 0.1% drop (previously reported: -0.5% quarter-on-quarter) and overshot market analysts’ expectations. In addition, the figure marked the fastest growth since Q3 2014. The statistical institute will release more detailed data on 29 August.

FocusEconomics Consensus Forecast panelists see the economy falling 0.8% in 2016, which is down 0.2 percentage points over last month’s forecast. For 2017, the panel expects GDP to expand 1.2%.

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Greece GDP Chart

Greece GDP Q2 2016

Note: Year-on-year changes of GDP in %.
Source: Hellenic Statistical Authority (EL.STAT) and FocusEconomics Consensus Forecast.

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