Saturday April 18, 2015 Search
Weather | Athens
14o C
09o 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)  
US Treasury secretary urges Greece to reach debt deal
Greece poised to sign gas deal with Russia, says German weekly
Russia gas deal would not solve Greece’s problems, says Schaeuble
Spanish official slams Greece, says time ´running out´
Kotzias to begin US visit with Kerry meeting in Washington
Foreign Minister Nikos Kotzias is due to begin a five-day visit to the US on Monday. He will begin his trip by meeting Secretary of State John Kerry in Washington, where he will also hold ta...
Turkey asks for investigation into Greek mosque attacks
The Turkish Foreign Ministry has asked Greece to investigate the vandalism of two mosques in Komotini following incidents on Friday. “Turkey requests Greek authorities to clarify as soon as ...
Inside News
BASKETBALL
Triumph for Olympiakos at Barcelona
Olympiakos produced its best away performance so far this season to defeat host Barcelona 76-63 on Friday and snatch the home advantage in the Euroleague play-offs. The Reds have now tied th...
BASKETBALL
Another heavy loss for improved Panathinaikos in Moscow
Panathinaikos raised its performance since Tuesday but still suffered a 20-point loss at CSKA Moscow on Thursday to find itself trailing 2-0 after Game 2 of the Euroleague play-offs. Having ...
Inside Sports
COMMENTARY
Back to the beginning
From 1980 up until the present day, the Greek educational system has given a false sense of democratization based on a flawed system of educator and student participation. The educational ou...
EDITORIAL
Protecting a key asset
Tourism has emerged as the only real “heavy industry” in Greece to have weathered the crisis so it is not only a question of duty that everyone protect it but also interest. To begin with, m...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. US Treasury secretary urges Greece to reach debt deal
2. Greece poised to sign gas deal with Russia, says German weekly
3. Russia gas deal would not solve Greece’s problems, says Schaeuble
4. Spanish official slams Greece, says time ´running out´
5. Kotzias to begin US visit with Kerry meeting in Washington
6. Turkey asks for investigation into Greek mosque attacks
more news
Today
This Week
1. Back to the beginning
2. Golden Dawn on trial amid conflict over court venue
3. Terrorism suspects caught following German request
4. Protecting a key asset
5. Greece poised to sign gas deal with Russia, says German weekly
6. Kotzias to begin US visit with Kerry meeting in Washington
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greece and lenders head back to technical talks
3. Contraband is big business in Greece
4. FYROM push expected at EU meeting
5. Islands of eastern Aegean struggle as migrant influx triples
6. Greek finance ministry hits back at German newspaper report
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.