Monday, March 11, 2013

UPDATE 1-Suffering Greece's economy shrank again at end of last year


Mon Mar 11, 2013 7:15am EDT
* Q4 GDP shrinks 5.7 pct, less than previous flash estimate
    * Slump in consumption continues, imports fall
    * GDP seen contracting by 4.5 pct this year

    ATHENS, March 11 (Reuters) - Greece's economy shrank at an
annual 5.7 percent in the last quarter of 2012, combining for a
20 percent slump in real terms
since 2008.

    It would have been worse but for a 17.5 percent drop in the
country's fourth quarter trade gap, the country's statistics
service ELSTAT said on Monday
    The revised gross domestic product data showed a slightly  a
milder contraction than a 6 percent flash estimate made in
February, but Greece is still expected to contract for a sixth
straight year this year,
    The government and the central bank both project a 4.5
percent 2013 contraction.
    "The preliminary data confirmed the continuing contraction
of domestic demand, with lower imports providing a positive
influence," said Eurobank economist Platon Monokroussos.
    Consumption, the main driver behind Greece's gross domestic
product (GDP), fell 9 percent year-on-year, continuing to weigh
on output.
    Gross capital investment fell 10.3 percent in the fourth
quarter, its rate of decline slowing compared to previous
quarters.
    The latest figures bring the full-year 2012 contraction to
6.4 percent, broadly in line with government projections.
************************************************************
    -----------------------------------------------------
    source: ELSTAT

No comments:

Post a Comment