Greece: Economy contracts at softest pace in over three years
November 14, 2013
In the third quarter, GDP contracted 3.0% over the same period last year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 14 November. The decline marks the softest contraction since Q2 2010 and represents an improvement over the 3.7% decrease recorded in the second quarter. In addition, the result was slightly above the 3.1% contraction the markets had expected.
The statistics agency will release more detailed data on 9 December. However, El.STAT has not made seasonally-adjusted figures available since Q1 2011 due to methodological issues.
The government expects the economy to shrink 4.0% this year before picking up and expanding 0.6% in 2014. FocusEconomics Consensus Forecast panelists see the economy contracting 4.7% in 2013, which is unchanged over last month's forecast. For 2014, the panel expects a milder contraction of 0.8%, which is also unchanged compared to last month's estimate.
Author: Dirina Mançellari, Senior Economist