In the first quarter, GDP expanded a seasonally adjusted 0.8% over the previous quarter, according to the first estimate released by the Hellenic Statistical Authority (EL.STAT) on 13 May. The result saw the economy bounce back from a 2.8% contraction recorded in the previous quarter. The reading marks the first expansion, following four consecutive quarters of contracting economic activity, and may suggests that the economy bottomed out in 2010. However, the economy turned out a positive quarter in the fourth quarter 2009, raising hopes that the country would emerge from recession, only to see those hopes dashed by four quarters of declining activity throughout 2010. Compared to the same quarter last year, the economy dropped 4.8%, following the 7.4% contraction recorded in the previous quarter (previously reported: -6.6% quarter-on-quarter). Revised and more complete data will be published on 9 June. Domestic demand is likely remain weak throughout this year as a consequence of the draconian austerity measures, which drag down public consumption. In addition, household spending should deteriorate amid rising unemployment. Therefore, the external sector will be the only growth engine. However, given its small size, its positive effects will be limited. Against this backdrop, the European Commission cut its GDP forecast for 2011 from a 3.0% contraction to a 3.5% decline, while maintaining its 2012 forecast of a 1.1% expansion in 2012.
Economic growth turns positive for the first time in over a year
May 13, 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.).