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Athens News Agency: News in English, 10-09-08

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

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] GDP down 3.7pct in Q2

  • [01] GDP down 3.7pct in Q2

    -P/Greece's Gross Domestic Product (GDP) fell by 3.7 percent in the 2nd quarter of 2010, according to provisional data on the quarterly national accounts released on Wednesday by the independent Hellenic Statistical Authority (ELSTAT).

    Available data indicate that in the 2nd quarter of 2010, the Gross Domestic Product (GDP) decreased by 3.7% in comparison with the 2nd quarter of 2009 and by 1.8% in comparison with the previous quarter.

    As already reported in the flash estimates release of 12 August 2010, since the 1st quarter of 2010, the estimation method of General Government transactions has changed, creating a break in the series between the respective quarters of 2009 and 2010. This affects the comparability of the 2009 and 2010 data, and thus the rate of change of GDP between the two years reported here should be treated with caution. This issue will be addressed by the end of the year, with the backwards revision of General Government data.

    Gross fixed capital formation (GFCF) decreased by 18.6% in comparison with the 2nd quarter of 2009. By asset, GFCF in dwellings decreased by 19.3%, in other machinery and equipment by 10.6%, in other construction by 27.0% and in transport equipment by 20.9%.

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