Monday February 2, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Economy has lost over 50 bln euros since 2008

 Comparison with previous years shows recession has brought the country back to 2001 levels

By Sotiris Nikas

Data on the course of Greece’s economic output from 2000 to last year reflect the dramatic consequences of the recession and the fiscal adjustment. Hellenic Statistical Authority (ELSTAT) figures show that Greece’s per capita gross domestic product came to 12,354 euros in 2013, returning to 2001 levels and recording a loss of 5,020 euros from five years earlier.

In 2008, the first year of the Greek recession and the year when the country’s GDP peaked in the period after 2000, the per capita rate had amounted to 17,374 euros.

The data released on Wednesday by ELSTAT pointed to GDP of 182.1 billion euros in nominal terms last year, down from 193.3 billion in 2012. The peak achieved in 2008 was at 233.3 billion euros, which means that in the five years that have elapsed the country’s economy has shrunk by 51.2 billion.

In the period from 2008 to 2013, households’ consumer spending dropped from 165.75 billion euros to 128.63 billion, state consumption declined by about 11 billion euros to reach 31.34 billion, investments shrank by 32.4 billion euros to reach just 23.6 billion, exports amounted to 53 billion euros from 56.2 billion in 2008 – having dropped to 52.7 billion in 2012 – and imports posted a major slump of 35.7 percent, falling to 57.8 billion euros from 90 billion in 2008.

Besides the comparison with 2008, it is worth noting the changes recorded in the economy from 2012 to 2013: ELSTAT figures showed that private consumption fell by 7.4 percent while public spending dropped 7.3 percent, investments gave up 10.5 percent, exports expanded by 0.5 percent and imports contracted by 6.8 percent.

While the signs of the recession are obvious, conditions are showing a moderate improvement from year to year and pressures are easing, as in 2012 there had been an 8.5 percent drop in private consumption compared with 2011, and investments had dropped by 21.2 percent. In contrast, exports had grown by 0.9 percent, which was a greater annual rise than that recorded last year.

ekathimerini.com , Wednesday March 12, 2014 (21:44)  
Piraeus port U-turn will not hurt China investment: analysts
Cash may dry up earlier than thought
EU rift, cash flow and NPLs worry bankers
Economic activity still on hold in anticipation of government program
Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
Greek Deputy Prime Minister Yannis Dragasakis dismissed fears that the ECB may cut vital liquidity support to Greek banks if it fails to agree with international creditors, saying the new go...
Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
Greece is counting on the European Central Bank to maintain a financial lifeline while the week-old government in Athens negotiates new terms on its international bailout package, Finance Mi...
Inside News
SOCCER
Reds stretch lead as Panetolikos upsets PAOK
Panetolikos’s surprise win at Toumba over PAOK on Saturday allowed Olympiakos to open its lead at the top of the Super League table to five points, one week before the Reds’ visit to Thessal...
TRACK & FIELD
Three Greek athletes earn tickets to Prague
Greek track and field enjoyed an exceptionally good weekend of performances by local athletes at various indoor meetings, with three of them earning a ticket to the European Indoor Champions...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if “the great negotiations” discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
It’s time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the country’s productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
2. Reds stretch lead as Panetolikos upsets PAOK
3. Three Greek athletes earn tickets to Prague
4. Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
5. Piraeus port U-turn will not hurt China investment: analysts
6. Cash may dry up earlier than thought
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. The dogma and the command center
4. France open to easing Greek debt burden, says finance minister
5. Greece offers olive branch to seek allies
6. Poll shows most Germans want Greece to stay in eurozone
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.