Saturday April 18, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Data confirm economy set to rebound

 Contraction was gentler than expected last year, heightening expectations of a return to growth within 2014

By Sotiris Nikas

The economy contracted just 3.7 percent in 2013, beating expectations, as the last quarter of the year showed gross domestic product was only 2.6 percent down from the last quarter of 2012, Hellenic Statistical Authority (ELSTAT) figures showed on Friday.

Finance Ministry officials argue that this development signals the economy is gradually returning to growth, although it is clear there is still quite a way to go before the six-year recession can truly be said to have ended. The economy shrank a massive 25 percent during that period.

The original target for the 2013 contraction had been 4.2 percent, which was later revised to 4 percent.

“This is the first time such a thing has happened since the start of the fiscal adjustment program,” a Finance Ministry statement said on Friday, noting that “this development confirms the positive signals that various short-term qualitative and quantitative indices had pointed to.” It added that this also “illustrates that the Greek economy is gradually emerging from the deep recession of recent years, while the groundwork is laid, as forecast, for a return to growth within 2014.”

In fixed prices, GDP amounted to 39.6 billion euros in the last quarter of 2013 against 40.7 billion euros in the same period in 2012 and 43.5 billion in the third quarter of 2013.

The recession’s gradual slowdown on an annual basis is attributed mostly to the improvement seen in the sectors of tourism, retail commerce and construction. GDP reached 181.7 billion euros in total. The 39.6 billion euros of the October-December period of 2013 constitutes the lowest quarterly output since the last quarter of 2000.

Although the analytical data on the course of the economy in the last quarter of 2013 will be announced on March 11, Finance Ministry officials do not expect any significant changes in the figures announced. They base their optimism on the favorable readings of such indices as retail sales and the volume of construction activity, which rebounded in November, the increase in industrial output in December and in car sales last month, and the swing toward growth of the Purchasing Managers Index (PMI) in January for the first time since August 2009.

ekathimerini.com , Friday February 14, 2014 (21:38)  
ECB examines possible Greek IOU currency in case of default, sources say
New bank programs to contain bad loans
Industrialists warn on mine intransigence
Early Easter boosts job hirings
Krugman advises against ‘nightmare’ euro exit
Economist and New York Times columnist Paul Krugman spoke at the Athens Concert Hall on Friday. Although Krugman was critical of the way that the eurozone has handled Greece’s crisis, he adv...
Brussels Group due to meet in wake of Obama’s call for Greek reforms
Greece and its lenders are due to get back down to business on Saturday with a meeting of the Brussels Group that Athens hopes will result in an interim agreement by the end of the month at ...
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
The Armenian genocide and Hagia Sophia
Pope Francis’s declaration that the slaughter of Armenians by Ottoman forces 100 years ago was “the first genocide of the 20th century” will hasten the conversion of the Hagia Sophia museum ...
EDITORIAL
Crime against education
The government’s plans for Greek state universities are nothing short of criminal. It took decades for us to mature enough as a society and for Parliament to accept, with an unprecedented ma...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Triumph for Olympiakos at Barcelona
2. Krugman advises against ‘nightmare’ euro exit
3. Brussels Group due to meet in wake of Obama’s call for Greek reforms
4. Crackdown on uni sit-in deepens rifts in SYRIZA
5. Greece, Cyprus hope for progress in peace talks
6. Komotini mosque damaged by fire, arson suspected
more news
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Putting off payments led to Q1 budget primary surplus
3. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
4. Greek finance minister says cannot sign existing loan deal
5. Greece enters twilight zone as visions of euro exit take shape
6. Fourteen face charges after police enter Athens University grounds, ending sit-in
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.