Greece: Q4 GDP contracts at softest pace in nearly four years
February 14, 2014
In the last quarter of 2013, GDP contracted 2.6% over the same period of the previous year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 February. The decline marked the softest contraction since Q1 2010 and represented an improvement over the 3.1% decrease recorded in the previous quarter. However, the result disappointed the markets, which had expected the economy to contract a lesser 2.0%.
The statistics agency will release more detailed data on 11 March, although it has not made seasonally-adjusted figures available since Q1 2011 due to methodological issues. In the full year 2013, the economy contracted 3.7%, which was up from the 6.4% contraction recorded in 2012.
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: Dirina Mançellari, Senior Economist