Greece GDP


Greece: Economy contracts at softest pace in more than five years

May 15, 2014

In the first quarter, the economy contracted 1.1% over the same period last year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 15 May. The decline marked the softest contraction since Q3 2008 and represented an improvement over the 2.3% decrease recorded in the previous quarter. In addition, the result came in above the 1.3% contraction the market had expected.

The statistics agency will release more detailed data on 6 June, although it has not made seasonally-adjusted figures available since Q1 2011 due to methodological issues.

The government expects the economy to expand 0.6% in 2014. FocusEconomics Consensus Forecast panelists see the economy showing flat growth in 2014, which is up 0.1 percentage points over last month’s forecast. For 2015, the panel expects growth of 1.5%.

Author:, Senior Economist

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Greece GDP Chart

Greece GDP Q1 2014 0

Note: Year-on-year changes of GDP in %
Source: Hellenic Statistical Authority (EL:STAT) and FocusEconomics Consensus Forecast.

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