Greek economy shrank 0.3 percent last year but expanded toward end
Greece’s economy expanded slightly in the last three months of 2015, the country’s statistics service said on Monday, revising flash estimates of a 0.6 percent decline and pointing to a smaller full-year contraction than previously estimated.
The data showed a 0.1 percent increase in gross domestic product from October to December compared with the previous quarter, based on seasonally adjusted data. Private consumption and investments were the main drivers.
The 173 billion euro ($188 billion) economy shrank at an annual 0.8 percent pace in the fourth quarter, at a slower clip than a previous -1.9 percent flash estimate, the data showed.
“The revised figures bring the economy’s annual contraction last year to 0.3 percent, which is closer to market and official estimates than the previous -0.7 percent flash estimate,” said National Bank economist Nikos Magginas.
Quarter-on-quarter, consumption grew 0.4 percent in the last quarter with investment jumping 20.4 percent. Imports grew by 11 percent, while exports fell 0.4 percent, the data showed.
“Despite the loss of support from tourism in the fourth quarter, the economy’s performance confirms its relative resilience which mainly came from domestic demand – investment and private consumption despite the fiscal drag,” Magginas said.
A previously reported 1.4 percent contraction in the third quarter was upwardly revised to -1.2 percent after updated government data, ELSTAT said.
Looking at the year as a whole, economists said key drivers were growth in net exports – the result of a faster decline in imports relative to exports – and a relative resilience in private consumption.
“We continue to expect a real GDP decline close to 1.0 percent this year,” Eurobank economist Platon Monokroussos said.
You may be interested
Covid-19 Greece – 2,135 new cases on Tuesdaymakis - Nov 24, 2020
The Greek authorities announced 2,135 new cases of coronavirus on Tuesday, of which 13 were detected following checks at the…
Ankara blocks inspection of Turkish ship by German frigate in Libya (video)makis - Nov 23, 2020
Ankara has prevented a German frigate, participating in the European Union’s “IRINI” mission, from inspecting a suspected Turkish cargo ship…
Biden Deputy Chief of Staff pushed “mandatory” firearm buybacksPanos - Nov 23, 2020
Jennifer O’Malley Dillon, would-be White House Deputy Chief of Staff for a Biden administration, managed Robert ‘Beto’ O’Rourke’s 2020 campaign and pushed…