Friday, October 10, 2014

Greek recession deeper initially but milder later, revised data shows

ATHENS Fri Oct 10, 2014 6:35am EDT


(Reuters) - The recession in Greece that began in 2008 was deeper than thought in the early phase but turned milder than estimated in the last two years, revised data showed on Friday.


The country's statistics service ELSTAT - which unveiled revised data on GDP since 1995 - showed Greece's economy shrank 3.3 percent, less than a previous 3.9 percent contraction estimate. The recession was also milder in 2012, with GDP shrinking 6.6 percent compared to the 7 percent estimate.

The new data showed that the economic slump was deeper than previously estimated, particularly from 2009 to 2011, including a whopping 8.9 percent in 2011 - much deeper than the previous 7.1 percent estimate.

"Generally, the take from the revised GDP data supports the scenario of the recession bottoming out in 2014," said economist Nikos Magginas at National Bank.

ELSTAT said the revision reflected the use of new and updated data on national accounts, in line with the new European Systems of Accounts (ESA 2010).

"The entry into economic recession was more abrupt in these years as the revision included components with strong pro-cyclicality," Magginas said.

Greece and its EU/IMF international lenders project the economy will emerge from a six-year recession and expand by 0.6 percent this year.

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KEY FIGURES 2013 (pvs) 2012 (pvs) 2011 (pvs)

GDP (y/y, pct)   -3.3   -3.9    -6.6    -7.0  -8.9   -7.1

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source: ELSTAT


(Reporting by George Georgiopoulos; Editing by Deepa Babington and Toby Chopra)
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