Greece: Economy keeps contracting in Q1
May 15, 2013
In the first quarter, GDP contracted 5.3% over the same period last year, according to the flash estimate released by the Hellenic Statistical Authority (EL.STAT) on 15 May. The decline, which was in line with market expectations, represented an improvement over the 5.7% drop recorded in the fourth quarter (previously reported: -6.7% year-on-year) and marked the smallest contraction recorded since Q3 2011. Nevertheless, the Greek economy has now contracted uninterruptedly for 19 quarters.
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 7 June.
FocusEconomics Consensus Forecast panellists see the economy contracting 4.7% in 2013, which is unchanged from last month's forecast. For 2014, the panel expects a milder contraction of 0.8%.