Greece: Economic activity remains depressed in first quarter
May 15, 2012
In the first quarter, GDP contracted 6.2% over the same period last year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 15 May. The result followed on the 7.5% drop recorded in the fourth quarter 2011 and was virtually in line with the 6.3% decline expected by Consensus Forecast panellists last month. The Greek economy has been contracting virtually uninterruptedly since the fourth quarter of 2008, with the exception of a mild rebound in Q1 2010. EL.STAT has not provided seasonally adjusted figures since Q1 2011 due to methodological problems. The statistics agency is due to release more complete data on 8 June. The European Commission sees economic growth at minus 4.7% this year and remaining flat in 2013.