Friday Jul 25, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek economy shrinks at slowest pace since 2008 [Update]

Greece's economy shrank in the first quarter at its slowest annual pace since late 2008 when its protracted recession began, data showed on Friday, supporting projections that Athens will emerge from a crippling six-year slump this year.

Gross domestic product, based on seasonally unadjusted data, shrank 0.9 percent year-on-year, less than a previous -1.1 percent flash estimate by the country's statistics service ELSTAT last month.

The GDP reading marked the fourth straight quarter of decelerating economic contraction.

Greece and its international lenders project the battered economy will pull out of recession this year and expand by 0.6 percent, helped by investments, exports and tourism.

Athens has enjoyed a boost in fortunes in recent months, buoyed by a successful bond sale - its first in four years - and improved market sentiment since nearly crashing out of the euro in 2012.

"A pretty encouraging figure, coming close to our estimate of -0.8 percent and suggesting a nearly flat quarter-on-quarter reading on seasonally adjusted terms," said economist Platon Monokroussos at Athens-based Eurobank.

The pace of the recession weakened sharply last year with the decline in output slowing from 6 percent in the first quarter to 2.3 percent in the last quarter, resulting in an annual contraction of 3.9 percent for 2013 as a whole.

ELSTAT does not provide seasonally adjusted quarter-on-quarter data, which most countries use to measure their economic performance.

"Looking ahead, we forecast a switch to positive year-on-year growth from the third quarter onwards and a positive reading of between 0.6 to 1 percent for the full year, Monokroussos said.

Hit by austerity policies imposed by EU/IMF international lenders who bailed out Greece, the economy has shrunk by almost a quarter over six years, suffering its most protracted recession since World War II.

A key driver of the decline has been a 26 percent slump in household consumption as record unemployment and wage cuts slashed disposable incomes, coupled by a sharp fall in investment. The latest data showed a positive contribution from consumption and net exports.

Consumption rose 0.8 percent year-on-year but gross capital investment fell 7.9 percent. Exports grew 5.4 percent compared to the same quarter last year while imports rose 2.2 percent.

[Reuters]

ekathimerini.com , Friday June 6, 2014 (15:54)  
Illegal betting worth 5.5-6 billion euros
Wait is still on for many taxpayers
Hardouvelis to push for milestones target
IMF insists on eurozone lightening Greeces debt
PPC to look into death of disabled customer
The Public Power Corporation (PPC) launched an administrative inquiry on Thursday into why electricity supplied to the home on Crete of a quadriplegic customer on life support was cut, resul...
Boutaris plans Islamic art museum for Thessaloniki
Thessaloniki Mayor Yannis Boutaris on Thursday announced plans to establish a museum of Islamic art in Greeces northern port city. Boutaris, who was re-elected in May, told Kathimerini he h...
Inside News
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
When evaluation is seen as useless
The reactions toward the governments plans for an evaluation of public sector workers are completely unsurprising. Civil servants and not just the unions that represent them abhor the m...
EDITORIAL
Playing the good guy
There is a part of the government that is striving to fulfill the commitments that Greece has undertaken toward its foreign creditors, most of which pertain to reforms that are absolutely es...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Illegal betting worth 5.5-6 billion euros
2. Wait is still on for many taxpayers
3. Hardouvelis to push for milestones target
4. IMF insists on eurozone lightening Greeces debt
5. Investors buy into possible rating upgrade
6. PPC to look into death of disabled customer
more news
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Efforts continue on Crete to find 'Sifis' the crocodile
3. Democracy 'retreated' during crisis, says Papoulias
4. Family of deceased woman on life support says application for 'special status' had been filed with PPC
5. Medical assistance for Acropolis visitors
6. Presidential election will not lead to snap elections, Samaras tells ND deputies
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Greek banks able to tap investors after stress tests, HFSF Says
5. Unequal after death
6. Death on MH17 and our global war
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.