Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Contraction in 2013 revised to 3.85 pct

 National Bank report expects economy to recover by 0.7 percent this year, ending a six-year recession

By Sotiris Nikas

Greece’s economic contraction in 2013 has been revised to 3.85 percent of gross domestic product from a previous estimate for 3.7 percent, according to figures announced on Tuesday by the Hellenic Statistical Authority (ELSTAT), while National Bank estimates in a report that the country’s economy will rebound 0.7 percent this year.

Provisional GDP data for 2013 showed the contraction in the last quarter to have come to 2.3 percent on a yearly basis, against a previous estimate of 2.6 percent, but the revisions for last year’s other three quarters were upward: 6 percent in Q1 (against 5.5 percent), 4 percent in Q2 (from 3.7 percent) and 3.2 percent in Q3 (compared with an estimate for 3 percent).

Even so, the 3.85 percent rate is smaller than the original target for a 4 percent GDP contraction.

Notably ELSTAT has found that household consumption declined by just 0.2 percent year-on-year in the October-December period, while state spending contracted by 2.6 percent in the same quarter. Investments dropped 15.3 percent, imports fell 5.6 percent and exports shrank by just 0.5 percent.

The report by National Bank’s Financial Analysis Department argued that the main target for the economy this year is a return to growth after a very deep six-year recession. It claimed that the recovery scenario is the most likely, “although some people remain seriously concerned regarding the considerable contractual factors that are continuing to affect domestic demand.”

It added that the marginal drop in private consumption recorded in late 2013 was partly due to the particularly low level of consumption recorded in late 2012.

The bank’s analysts noted it is very difficult to forecast when the economy will start to turn around, but the general course of the main indices from sectoral research and other parameters is pointing to a trend toward stabilization if not recovery of economic activity.

Since the start of the recession in 2008 the economy has shrunk by 24.7 percent in total, investments have declined by about 60 percent and the construction sector has crumbled by as much as 80 percent.

ekathimerini.com , Tuesday March 11, 2014 (22:35)  
Q3 growth was bigger than thought
Who will pay for the state’s ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Council of State urged to rule on student transfers
The Council of State is being called on to solve a potential problem caused by the government’s decision to relax restriction on student transfers between universities. A total of 115 academ...
Former ND deputy denies involvement in will-forging gang
A former New Democracy MP who is alleged to have been part of a gang that forged rich people’s wills to obtain their assets after their deaths on Friday denied any involvement in the gang. A...
Inside News
SOCCER
PAOK is one win from Europa League´s last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president won´t mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Council of State urged to rule on student transfers
2. Former ND deputy denies involvement in will-forging gang
3. Lakis Gavalas arrested for seventh time over tax evasion
4. Two arrested over illegal vodka distilleries in Thessaloniki
5. Q3 growth was bigger than thought
6. Who will pay for the state’s ADMIE stake?
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Greek economy expands 0.7 pct q/q in Q3
3. Child molester suspect photo released by police
4. Armed man arrested on Thessaloniki campus
5. Lebanese FM: Cyprus may be jihadi transit point
6. Athens water supply 9-month profit falls 45 pct on lower charges
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.