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Athens News Agency: News in English, 08-12-04

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Economic Sentiment Index at record low
  • [02] GDP up 3.1% points in Q3

  • [01] Economic Sentiment Index at record low

    The Economic Sentiment Index in Greece has dropped to a historic low, according to a survey by the Foundation for Economic and Industrial Research (IOBE), which was unveiled on Thursday. The index dropped for the ninth consecutiv month, mostly mirroring the downward trend recorded in the rest of Europe. The index stood at 66.7 percent, down from 72.9 percent in October, a new record low, as is the case with Spain, the UK, Denmark and the Netherlands in November. The index measures business expectations in the industrial, construction, retail and services sectors, while also taking into account consumer sentiment. According to IOBE, consumer confidence shows signs of recovery, stabilising at last month's low levels and with only a marginal improvement.

    [02] GDP up 3.1% points in Q3

    Greece's Gross Domestic Product (GDP) rose by 3.1 percentage points in the third quarter of 2008 against the corresponding quarter in 2007, and by 0.4 percentage points over the preceding second quarter of 2008, according to figures released on Thursday by the national statistical service (NSS).

    Economic activity in the third quarter of 2008, according to NSS, was characterised by a 16.4-percent reduction in gross investments of fixed capital against the corresponding quarter of 2007.

    The biggest reduction was posted by investments in construction, both of new residences (a 32.7-percent reduction) and other constructions (a reduction of 18.3 percent).

    A reduction of 8.1 percent was also recorded in investments for motor vehicles, while an increase in investments was posted only in the metal products and machinery sector.

    Reductions were also recorded in consumer expenditure, by 1.8 percent, and in imports of goods and services by 8.2 percent, while exports of goods and services rose by 1.7 percent.

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