Monday April 21, 2014 Search
Weather | Athens
19o C
14o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Encouraging GDP and CPI data

 Economic contraction receded in Q3, while deflation registered a new record last month

The Greek economy’s contraction rate eased significantly in the third quarter of the year to 3 percent, while deflation reached an unprecedented level of 2.9 percent in November, according to data released on Monday by the Hellenic Statistical Authority (ELSTAT).

The reduction in the contraction of the country’s gross domestic product is attributed to the reversal in the course of state consumption (spending by state entities), the strengthening of exports and a containment of the drop in investments. In absolute figures, the Q3 GDP amounted to 43.5 billion euros, returning to the level of the same quarter in 2001 (43.3 billion).

ELSTAT figures showed that the recession was contained following the course set from the second quarter, with financial activity strengthened by the very good tourism season. In the first nine months of the year the economic contraction amounted to 4.06 percent on a yearly basis, and for this reason the Finance Ministry is expecting the economy to be no more than 3.8 percent smaller at the end of the year than at end-2012, against a 6.4 percent contraction recorded last year. Officially, however, the target for a 4 percent economic contraction remains.

Compared with Q3 2012, private consumption shrank by 8.1 percent, as the disposable incomes remain under huge pressure. Public consumption ended its five-quarter decline to edge up 0.1 percent year-on-year. Investment declined by 12.6 percent but exports expanded by 5.7 percent. Imports also rose, by 2.3 percent.

The 2.9 percent decline in the Consumer Price Index last month is the biggest negative move since records began in 1959. This was the ninth consecutive month of contraction for the CPI. This considerable drop is due to prices in the service sector as well as apparel products, which had a sales window to benefit from on November 1-9 this year for the first time. Still, prices for basic food categories such as dairy products, eggs and potatoes continued to grow, a factor which is forcing the Development Ministry’s hand to act on the recommendations by the Organization for Economic Cooperation and Development (OECD) regarding market operation.

ekathimerini.com , Monday December 9, 2013 (22:32)  
Eurobank share offering on April 25-29
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Greek Christians mark rare Good Friday in north Cyprus
Hundreds of Greek Orthodox pilgrims, some coming home after 40 years of forced exile, commemorated the crucifixion of Jesus in a rare Good Friday service in northern Cyprus. Held in this med...
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Inside News
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greens lose badly as CSKA Moscow
4. Former Red Bourousis wrecks Olympiakos´s hopes for a break
5. PPC to issue corporate bond of 500 mln
6. Greece offers to help find Turkish F-16 lost in 1996
more news
Today
This Week
Today
This Week
1. Greece's market return mirrors return of tourists
2. Parties start announcing candidates for European Parliament elections
3. Greece startup leaders say they can’t break jobless cycle alone
4. Ground-breaking Good Friday mass signals thaw in Cyprus
5. IMF's Thomsen says Greece not fully financed to 2016
6. Mayoral candidates clash over Athens mosque plans
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.