Tuesday March 3, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Q1 GDP drop was less than expected

 Economy contracted by just 0.9 percent, but April exports showed an annual decline of over 20 pct

The revised rate of 0.9 percent for the contraction of Greeceís gross domestic product in the first quarter of the year may have generated more optimism that the government will be able to attain its target of returning to growth by year-end, but this was tempered by Aprilís exports figures, which showed a yearly decline of more than 20 percent.

The Hellenic Statistical Authority (ELSTAT) announced on Friday its revised recession estimate for the January-March 2014 period, which was two tenths of a percentage point below the flash estimate of 1.1 percent that had originally been issued. This is the lowest rate of GDP contraction in the last four years, while a year earlier the shrinkage had amounted to 6 percent.

ELSTAT also published its data on Greeceís external trade, which make for particularly worrying reading. Exports in April dropped 20.9 percent to 2.02 billion euros on an annual basis, compared with 2.55 billion in April 2013. When fuel products are excluded the decline amounts to 12.4 percent. Exports to non-European Union countries declined by 29 percent and to fellow EU states by 11.8 percent.

On a 12-month basis in the period from May 2013 to April 2014 exports posted a contraction of 5.3 percent compared to the same period a year earlier. Commenting on the course of exports, the Panhellenic Exporters Association noted on Friday that the April decline constitutes the second-biggest drop on a monthly basis in the last three years, behind last Novemberís 21.5 percent decrease.

Analysis by the association and its Exports Research Center (KEEM) show that this decline in exports is directly linked to developments in Cyprus last year, as there was a strong rebound (up 13.6 percent) in April 2013 from the decline recorded due to the island nationís March crisis that had a significant impact on Greeceís external trade.

However, car sales headed in the opposite direction: In May the number of new cars on Greek roads amounted to 10,165, up 48.6 percent on the same month last year. In the first five months of 2014 the year-on-year increase stood at 24.7 percent. This is seen to be associated with the growth of tourism, as car rental companies and hotels are keen to replace or expand their fleets of vehicles.

ekathimerini.com , Friday June 6, 2014 (20:54)  
PMI records drop in orders but rise in jobs
Fur exports to be hurt by ruble decline
Banking sector awaits progress with creditors
New record in Athens foreign air arrivals
Greek government searches for funds amid fresh speculation about third bailout
The government on Monday scrambled to find ways to raise much-needed funding amid renewed speculation about a third bailout for Greece. Finance Minister Yanis Varoufakis met with his deputie...
Ankara backpedals on Aegean military drill
Turkey on Monday backpedaled on plans to reserve a big chunk of air space over the Aegean Sea for military maneuvers until the end of the year, Greek officials said, following what appeared ...
Inside News
BASKETBALL
Waters turns from zero to hero for Kolossos Rhodes
For 40 minutes he was a real disappointment for his coach, Aris Lykoyiannis. His shooting rate was a miserable 1 in 10 two-point shots and he had made no three-pointers. On top of that he co...
SOCCER
Super League clubs promise to combat violence, again
The Super League clubs agreed on Monday to a blueprint of proposals for combatting violence in soccer grounds and will present it to Deputy Minister Stavros Kontonis to ask for the top fligh...
Inside Sports
COMMENTARY
Three options for the PM
There is one thing of which I am completely certain. If we want Greece to remain a member of the eurozone and to advance, the government faces a Herculean task. Prime Minister Alexis Tsipras...
EDITORIAL
Destination unknown
Alexis Tsiprasís government is floundering in its own contradictions and risks taking the country down with it. The prime minister took on the responsibility of an agreement with our partner...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Waters turns from zero to hero for Kolossos Rhodes
2. Greek government searches for funds amid fresh speculation about third bailout
3. Ankara backpedals on Aegean military drill
4. Ties between terror groups probed
5. Judges indict 21 over Skouries gold mine attack
6. PMI records drop in orders but rise in jobs
more news
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. Greek reforms could prompt bailout payment in March, says Dijsselbloem
3. EU Commission: seeking unity in EU after Spain, Portugal clash with Greece
4. Schaeuble urges Greece to implement reforms during extension
5. Next Greek aid deal will emerge in coming months, Moscovici says
6. ECB uncomfortable with leading role in Greek funding drama
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.