Greece: Economic activity plummets in fourth quarter
February 14, 2012
In the fourth quarter, GDP contracted 7.0% over the same period the previous year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 February. The result came in below the revised 5.0% decline recorded in the third quarter (previously reported: -5.2% year-on-year). The Greek economy has been contracting virtually uninterruptedly since the third quarter of 2008, with the exception of a mild rebound in Q1 2010. In the full year 2011, the economy plummeted 6.8%, which nearly doubled the 3.5% decline seen in 2010 and represented the fourth consecutive annual contraction. EL.STAT has not provided seasonally adjusted figures since Q1 2011 due to methodological problems. The statistics agency is due to release provisional data on 9 March. The government sees the economy shrinking 2.8% in 2012.