Q2’12 GDP shrank 6.3% y-o-y

According to latest Hellenic Statistical Authority (ELSTAT) data, non-seasonally-adjusted Q2’12 GDP shrank 6.3% y-o-y to €43.7bn, 0.1pp worse than the initial figure of 6.2% released on August 13. ELSTAT notes that the difference is due to June monthly data for imports and exports and turnover indices for the service industries for Q2’12.

It is reminded that non-seasonally-adjusted Q1’12 GDP had contracted 6.5% y-o-y to €40.6bn, implying a GDP contraction of 6.4% in H1’12. ELSTAT also said that non-seasonally-adjusted nominal GDP slipped 6.5% y-o-y in Q2’12, following a 6.1% y-o-y drop in Q1’12, and 6.3% in H1’12.

The contraction of GDP by 6.3% y-o-y in Q2’12 stems from:

  • Reduction of total final consumption expenditure by 7.2% (Q1’12: -7.5%).
  • Decrease in gross fixed capital formation by 19.4% (Q1’12: -21.3%).
  • Drop of external trade deficit by 39.9% (Q1’12: -41.9%), reflecting a decline of imports by 12.3% (Q1’12: -16.6%) and a decrease of exports by 4.1% (Q1’12: +1.4%). In particular, imports of goods and services retreated 13.6% and 7.3% respectively, while exports of goods and services eased 2.0% and 6.5% respectively.
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