In the second quarter, GDP contracted a revised 7.3% over the same period last year, down from the initial flash estimate of a 6.9% drop, but above the 8.1% contraction tallied in the first quarter. Final consumption expenditures dropped 6.8% (Q1: -7.4% year-on-year), with government spending plunging 9.7% (Q1: -6.9% yoy) and private consumption falling 6.1% (Q1: -7.9% yoy). In addition, fixed investment contracted 17.9% (Q1: -20.9% yoy). The sharp decline recorded in domestic demand was partially offset by a positive contribution from the external sector. That said, the net contribution from the external sector to overall economic growth moderated from 4.6 percentage points in the first quarter to 1.9 percentage points in the second. Exports of goods and services declined 1.4% (Q1: -2.5% yoy), while imports plunged a much stronger 7.6% (Q1: -12.8% yoy). EL.STAT did not provide seasonally adjusted figures due to methodological problems.
Second quarter recession worse than initially estimated
September 8, 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.).