Greek GDP contraction at 6.9% y-o-y in Q3’12

Latest Hellenic Statistical Authority (ELSTAT) data show that non-seasonally-adjusted Q3’12 GDP shrank 6.9% y-o-y, 0.3pp better than the initial figure of 7.2% released on November 14. According to ELSTAT, the difference is due to September monthly data for imports and exports and turnover indices for the service industries for Q3’12.

The announced figures imply a GDP contraction of 6.6% in 9M’12, 0.1pp better than initial estimates. Note that latest Greek government and EC forecasts, disclosed in November, call for a recession of 6.5% and 6.0% respectively in 2012.

ELSTAT also said that non-seasonally-adjusted nominal GDP slipped 7.6% y-o-y in Q3’12, implying a nominal GDP contraction of 7.1% in 9M’12.

The contraction of GDP by 6.9% y-o-y in Q3’12 stems from:

  • Reduction of total final consumption expenditure by 8.8% (Q2’12: -7.2%).
  • Decrease in gross fixed capital formation by 19.5% (Q2’12: -19.4%).
  • A surplus of €1.8bn in the external trade balance, reflecting a decline of imports by 20.9% (Q2’12: -12.3%) and a decrease of exports by 4.5% (Q2’12: -4.1%). In particular, imports of goods and services retreated 22.4% and 14.9% respectively, while exports of goods and services eased 0.5% and 7.1% respectively.
Advertisements
This entry was posted in Greek economy and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s