Saturday November 29, 2014 Search
Weather | Athens
16o C
10o 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)  
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
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
BASKETBALL
One more emphatic win sees Panathinaikos make top 16
Panathinaikos has mathematically qualified to the top 16 of the Euroleague after another emphatic home win, this time against Bayern Munich, with an 87-72 score on Friday. Given the changes ...
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...
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. One more emphatic win sees Panathinaikos make top 16
2. Venizelos extends invite to Turkey at start of visit
3. Vatopedi trial for 14 suspects
4. New proposals on way to troika
5. Cabbie who carried shooter claims he was threatened
6. Gov´t urged to allow Syrian refugees to move on
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Child molester suspect photo released by police
3. Greek economy expands 0.7 pct q/q in Q3
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
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.