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Athens News Agency: News in English, 12-03-09

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

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

CONTENTS

  • [01] Greek recession at 6.95pct in 2011

  • [01] Greek recession at 6.95pct in 2011

    AMNA--The recession in the Greek economy was 2011 percent in 2011, as adjusted after a 7.5 percent decrease in GDP in the fourth quarter of the year, the independent Hellenic Statistical Authority (ELSTAT) said on Friday.

    ELSTAT, in a report, said that available non-seasonally-adjusted data indicate that, in the 4th quarter of 2011, the Gross Domestic Product (GDP) at constant prices of year 2005 decreased by 7.5% in comparison with the 4th quarter of 2010, compared with a decrease of 7.0% that was calculated for the flash estimate of the 4th quarter and was announced on February 14, 2012. The difference is on account of using new data, not available at the time of the flash estimate. These data are either monthly (December month data for imports and exports) or quarterly (turnover indices for the service industries for the 4th quarter).amna

    Total final consumption expenditure recorded a decrease of 7.9% in comparison with the 4th quarter of 2010.

    Gross fixed capital formation (GFCF) decreased by 22.2% in comparison with the 4th quarter of 2010.amna

    External trade deficit decreased by 31.8%, contributing positively to the GDP percent change.

    Exports decreased by 6.1% in comparison with the 4th quarter of 2010). Exports of goods decreased by 10.7% and exports of services by 1.3%.

    Imports decreased by 14.2% in comparison with the 4th quarter of 2010. Imports of goods decreased by 13.5% and imports of services by 16.4%.amna

    The provisional estimates of the components of quarterly GDP for the first 3 quarters of 2011 have been revised from those published on December 9, 2011, based on the updated General Government accounts (compiled at the end of December), as well as revised estimates of the short-term indices.


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