According to provisional data released by the Hellenic Statistical Authority (EL.STAT) on 9 December, GDP contracted 5.0% in the third quarter over the same period last year. The print represents a slight improvement over the initial flash estimate of a 5.2% contraction and overshot the 7.4% drop recorded in the second quarter. In the third quarter, domestic demand contracted at a softer pace (Q2: -8.2% year-on-year; Q3: -7.0% yoy), while the external sector continued to improve. Final consumption expenditures fell 5.1% (Q2: -8.6% yoy), with private consumption dropping 5.5% (Q2: -7.2% yoy) and government spending contracting 3.9% (Q2: -14.2% yoy). On the other hand, investment deteriorated significantly (Q2: -5.8% yoy; Q3: -17.8% yoy) due to higher destocking, while fixed investment continued to contract (Q2: -18.4% yoy; Q3: -15.2% yoy). The external sector recorded gains as exports expanded 3.2% (Q2: -0.5% yoy), while imports decreased 4.3% (Q2: -4.9% yoy). As a result, the net contribution from the external sector to overall economic growth increased from 1.3 percentage points in the second quarter to 2.1 percentage points in the third. EL.STAT has not provided seasonally adjusted figures for some time due to methodological problems. Meanwhile, the government sees GDP contracting 5.5% this year and shrinking 2.8 % in 2012.
Economic activity remains depressed in third quarter
December 9, 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).
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The number of unemployed fell by 5,357 in July, according to the Hellenic Statistical Authority (EL.STAT.).
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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).
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The number of unemployed fell by 6,800 in June, according to the Hellenic Statistical Authority (EL.STAT.).