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Athens Macedonian News Agency: News in English, 14-09-01

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From: The Athens News Agency at <>


  • [01] Greek economy shrank by 0.3 pct in Q2‏

  • [01] Greek economy shrank by 0.3 pct in Q2‏

    ANA/MPA---The Greek economy shrank by 0.3 pct in the second quarter of 2014 and despite the fact that Hellenic Statistical Authority revised upwards its initial estimate of -0.2 pct, it is clear that the Greek economy is gradually exiting its six-year recession. Finance ministry officials said an estimate for a 0.6 pct GDP growth this year was realistic following a better-than-expected tourism trend.

    The statistics service, in a report released on Monday, said that the country's Gross Domestic Product fell by 1.1 pct in the first quarter of 2014 for an average decline of 0.7 pct in the first six months of the year, after a 5.0 pct decline recorded in the corresponding period last year.

    The statistics service said the revised figures were based on monthly (import-export figures for June) and quarterly (turnover index in the services sector and workforce) data.

    Total consumption spending was unchanged in the second quarter compared with the same period in 2013. In private investments, gross capital formation fell by 4.1 pct in the second quarter, after an 18 pct drop in the same period last year, while gross fixed capital formation eased 0.8 pct (11.5 pct in 2013).

    Export of goods and services rose 5.3 pct, while imports rose 4.6 pct in the second quarter. The country's GDP in current prices totaled 45.103 billion euros, the lowest level since the second quarter of 2005 (47.514 billion euros).

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