Greece: Economy continues to free-fall in the third quarter
November 14, 2012
In the third quarter, GDP contracted 7.2% over the same period last year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 November. The decline followed the 6.3% drop recorded in the second quarter and slightly exceeded the 6.9% decline expected by Consensus Forecast panellists last month. The Greek economy has been contracting uninterruptedly since the third quarter of 2008. 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 7 December. According to the 2013 budget draft, the fiscal deficit will reach 4.2% of GDP next year, up from 6.6% of GDP this year.