According to provisional data released by the Hellenic Statistical Authority (EL.STAT) on 9 March, GDP dropped 7.5% in the fourth quarter over the same period the year before. The print represents a further deterioration over the initial flash estimate of a 7.0% contraction and also exceeded the 5.0% drop recorded in the third quarter. The deterioration was mainly due to worsening domestic demand (Q3: -7.2% year-on-year; Q4: -9.6% yoy), amid the draconian set of austerity measures agreed under the two rescue packages. Total consumption was dragged down by falling private consumption (Q3: -5.2% yoy; Q4: -7.0% yoy) and plummeting government spending (Q3: -3.4% yoy; Q4: -10.5% yoy). On the other hand, total investment improved marginally (Q3: -20.7% yoy; Q4: -17.5% yoy) due to higher stockpiling, although fixed investment deteriorated further and fell 22.2% (Q3: -16.4% yoy). The external sector improved, as imports declined at a sharper pace than exports. Exports of goods and services contracted 6.1% (Q3: +4.5% yoy), while imports plummeted 14.2% (Q3: -3.8% yoy). As a result, the external sector's net contribution to overall economic growth increased from 2.3 percentage points in the third quarter to 3.1 percentage points in the fourth. EL.STAT has not provided seasonally adjusted figures since Q1 2011 due to methodological problems. The government sees the economy shrinking 2.8% in 2012.
Economy remains deeply mired in recession
March 9, 2012
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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.).