Wednesday Jan 28, 2015 Search
Weather | Athens
13o C
7o 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)  
Greek tourism rise outshines global gains
Dritsas announces cancellation of OLP sale
Electric shock in energy industry
Property levies inflict serious blow to housing market
Police looking for two more suspects in Xeros case
Two people arrested last week on suspicion of being accomplices of Savvas Xeros and assisting him in plans to help members of the Conspiracy of the Cells of Fire terrorist group escape from ...
Tsipras unveils anti-austerity cabinet
Greeces new SYRIZA-led coalition government was sworn in on Tuesday with economist Yanis Varoufakis taking the crucial post of finance minister in a slimmer cabinet including members of the...
Inside News
SOCCER
PAOK strikes deal with Portugals Ricardo Costa
PAOK announced on Tuesday its agreement with Portuguese international defender Ricardo Costa. The Thessaloniki club added that the player is expected on Wednesday to undergo a medical test a...
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
Inside Sports
COMMENTARY
Greece, where everyones a winner
Whether a tradition or simply a bad habit, we have trouble finding a loser in any electoral race, a party leader who will openly concede defeat without trying to mitigate it with excuses. Th...
EDITORIAL
Political faux pas
Democracies have rules and institutions that must be respected and served by all who represent them. Most people can appreciate that politicians who have worked hard for the past two-and-a-h...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. PAOK strikes deal with Portugals Ricardo Costa
2. Greek tourism rise outshines global gains
3. Dritsas announces cancellation of OLP sale
4. Electric shock in energy industry
5. Property levies inflict serious blow to housing market
6. Uncertainty on new tax system
more news
Today
This Week
1. Greek Elections 2015: Forming a government, Part 1 | LIVE
2. Greece, where everyone's a winner
3. Three days of mourning declared over death of two Greek pilots in Spain
4. Greek uncertainty weighs on low-rated eurozone bonds
5. Political faux pas
6. Europe stocks fall from seven-year high; Greek bonds drop
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Unsupervised voting
6. QE exclusion a de facto Grexit
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.