Tuesday September 16, 2014 Search
Weather | Athens
28o C
21o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek recession slightly deeper than expected in 2013

By Harry Papachristou

Greece's economy has shrunk by almost 24 percent over the past six years in the deepest and most protracted peacetime recession in its history, according to revised gross domestic product data released on Tuesday.

Greek GDP shrank 3.9 percent in 2013, from an estimate of 3.7 percent in February, statistics service ELSTAT said.

Exacerbated by the austerity policies imposed by international lenders who bailed Greece out, the recession's main driver since the financial crisis hit in 2008 has been a 26-percent slump of household consumption, as record unemployment and wage cuts slashed family disposable incomes.

Greece also saw investment collapse by almost two-thirds over the same period as home-building activity virtually ground to a halt, Tuesday's figures showed.

With households and companies cutting spending and investment, imports of consumer goods and equipment sank last year to almost half their level in 2008.

Tourism, one of the country's biggest foreign-currency earners, soared last year but did relatively little to lift the economy.

Exports of goods and services rose by 1.8 percent in 2013 but were still 15 percent below pre-crisis levels, as frail European economies failed to absorb more Greek goods, mostly agricultural products and raw materials.

The recession, however, does seems to be bottoming out as confidence in the economy slowly returns after Athens has avoided chaotic default and an exit from the euro zone.

Most international organisations and the government expect the economy to modestly recover this year, rising 0.6 percent on the back of a rebound in investment and exports.

Greece's economic sentiment index rose in February to its highest level in more than five years, the Athens Stock Exchange is at a 2.5-year high and 10-year government bond yields have dropped below 7 percent, their lowest level since the country's 237-billion euro bailout started in 2010.

Optimism is also fuelled by signs that the government is improving its fiscal management. The central government reported on Tuesday a primary surplus of 2.1 billion euros in the first two months of the year, beating an interim target by more than 1 billion euros.

Greek GDP is revised frequently and ELSTAT does not provide seasonally adjusted quarter-on-quarter data, which most countries use to measure their economic performance.

Methodological changes also resulted into a slightly lower reading for 2012, with the new figures showing the economy contracting by 7 percent from a previous estimate of 6.4 percent.

[Reuters]

ekathimerini.com , Tuesday March 11, 2014 (15:36)  
Job creation is mostly seasonal
Primary surplus at 2.3 bln euros in end-August
Supermarket chains stifling traditional retail food stores
Hardouvelis sees great interest abroad in investing in Greece
Greece will not become Weimar, Samaras says
Greece has returned from the brink of collapse, said Prime Minister Antonis Samaras Monday, while lauding the country’s ability to keep going through the damaging effects of the crisis. “The...
Mobile units on Samos and Lesvos proving useful for migrants
Two mobile units that provide irregular migrants arriving on Samos and Lesvos with basic assistance have helped more than 4,900 people since they began operating 10 months ago. The “first re...
Inside News
WATER POLO
Greece wins women´s U19 Europeans in water polo
Greece won the women’s European Under-19 Championship in Italy beating the host in Sunday’s final, for what was the country’s second gold medal in the competition’s history. The Greek teenag...
SOCCER
Veria alone on Super League summit
Olympiakos appeared in fine shape ahead of its Champions League premiere against Atletico Madrid on Tuesday, beating visiting OFI 3-0 on Saturday, but Macedonian minnows Veria are those that...
Inside Sports
COMMENTARY
Lost in the fog
I recently attended an event where one of the guests was a much talked-about personality of the center-left, a person who has never been part of a government administration. People kept goin...
EDITORIAL
Sending out a clear message
Few things are worse in politics than sending out vague or contradictory messages. Interestingly, there has been little else from the direction of the conservative-led government since the l...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Job creation is mostly seasonal
2. Primary surplus at 2.3 bln euros in end-August
3. Supermarket chains stifling traditional retail food stores
4. Hardouvelis sees great interest abroad in investing in Greece
5. Bourse quiet as investors sit and wait
6. Greece will not become Weimar, Samaras says
more news
Today
This Week
1. Central Athens traffic restrictions back in force on Monday
2. Democracy under Pressure | Live Streaming
3. Lost in the fog
4. Thessaloniki man dies in heavy rainfall on Sunday
5. Soccer fan in critical condition after Sunday clash to be transferred to Athens
6. Sending out a clear message
Today
This Week
1. A Greek God
2. Greece on standby
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. EU bank tests may miss trillion dollar risk, study finds
6. Pavlos Fyssas murder trial expected to start before the end of the year
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.