Wednesday October 1, 2014 Search
Weather | Athens
28o C
16o 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 recessions 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)  
NBG Pangaea eyes listing on foreign bourse, huge portfolio
Out-of-control unpaid bills bring PPC to its knees
Banks feel optimistic ahead of stress test results
S&P upgrades OTEs credit rating and revises outlook
New suburban railway station opens in Athens suburb of Tavros
Transport Minister Michalis Chrysochoidis on Wednesday inaugurated a new station on the Athens-Piraeus Proastiakos suburban railway line. The new station in Tavros, near Athens's southern co...
Thessaloniki transport gets more expensive
October began with more expensive public transportation for the residents of the northern port city of Thessaloniki, as the OATH transit authority introduces fare hikes in a bid to boost rev...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakoss first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Truth before the battle
The coalition has lost its sense of direction in the last few months. Exactly where things went off track is not the question at this stage. What is certain is that if it continues competing...
EDITORIAL
Bending the rules
The flexibility with which laws are implemented has been a fundamental cause for concern in Greece during the post-dictatorship era. Everything becomes a subject for negotiation, even in cas...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. New suburban railway station opens in Athens suburb of Tavros
2. Thessaloniki transport gets more expensive
3. Smallpox decimates sheep stocks in northern Greece
4. Air-raid sirens to go off all over Greece at 11 a.m. in drill
5. NBG Pangaea eyes listing on foreign bourse, huge portfolio
6. Out-of-control unpaid bills bring PPC to its knees
more news
Today
This Week
1. Air-raid sirens to go off all over Greece at 11 a.m. in drill
2. Bending the rules
3. Truth before the battle
4. Smallpox decimates sheep stocks in northern Greece
5. Thessaloniki transport gets more expensive
6. New suburban railway station opens in Athens suburb of Tavros
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.