Greece: Economy contracts at softer pace in Q4
February 14, 2013
In the fourth quarter, GDP contracted 6.0% over the same period the previous year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 February. The decline represented an improvement over the 6.7% drop recorded in the third quarter (previously reported: -7.1% year-on-year) and marked the smallest contraction recorded since Q3 2011. In addition, the print was slightly better than the 6.3% decline expected by FocusEconomics Consensus Forecast panellists. Nevertheless, the Greek economy has been contracting uninterruptedly since the third quarter of 2008.
Based on quarterly figures, in the full year 2012, GDP contracted 6.4% (2011: -6.6%), which mirrored last month's FocusEconomics Consensus Forecast.
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 11 March.