In the third quarter, GDP fell a seasonally adjusted 1.3% over the previous quarter, according to revised figures published by the Hellenic Statistical Authority (ELSTAT) on 9 December, which was below the 1.1% drop previously reported on 12 November. Nonetheless, the third quarter drop was less severe than the 1.7% contraction recorded in Q2. On an annual basis, the economy contracted 4.6% over the same quarter last year (Q2: -4.0% year-on-year). The improvement over the previous quarter was mainly driven by the domestic sector. The quarterly result reflected an improvement in private consumption, which dropped 1.8% quarter-on-quarter (Q2: -6.4% qoq), as well as government consumption, which expanded a notable 7.9% in Q3 following a 2.0% increase in Q2. Meanwhile, fixed investment dropped 4.4% (Q2: -9.5% qoq). The net contribution from the external sector to overall growth improved in the third quarter as imports contracted more markedly than exports. Exports fell 6.2% over the previous quarter (Q2: -3.9% qoq), while imports declined 7.5% (Q2: +5.0% qoq). At the sector level, the improvement over the previous quarter was broad-based. The services sector improved, registering a 1.1% decline in the third quarter, following a 4.5% drop in the second quarter. Meanwhile, industry rebounded to a 1.8% expansion (Q2: -4.6% qoq). Finally, agriculture also improved, adding 2.0% over the second quarter (Q2: -2.7% qoq).
GDP in Q3 revised downwards
December 9, 2010
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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.).