Greece: Economy continues to shrink in the second quarter
August 13, 2012
In the second 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 13 August. The decline followed the 6.5% drop recorded in the first quarter and was slightly below the 6.6% 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. Against this backdrop, it now seems very unlikely that the country can meet the targets agreed with the ECB-IMF-European Commission troika. 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 September.