Sponsored Links:
Sponsored Links:
Reuters
File photo.
Athens - Greece's economy shrank at an annual 5.7 percent in the last quarter of 2012, combining for a 20 percent slump in real terms since 2008.
It would have been worse but for a 17.5 percent drop in the country's fourth quarter trade gap, the country's statistics service ELSTAT said on Monday
The revised gross domestic product data showed a slightly a milder contraction than a 6 percent flash estimate made in February, but Greece is still expected to contract for a sixth straight year this year,
The government and the central bank both project a 4.5 percent 2013 contraction.
“The preliminary data confirmed the continuing contraction of domestic demand, with lower imports providing a positive influence,” said Eurobank economist Platon Monokroussos.
Consumption, the main driver behind Greece's gross domestic product (GDP), fell 9 percent year-on-year, continuing to weigh on output.
Gross capital investment fell 10.3 percent in the fourth quarter, its rate of decline slowing compared to previous quarters.
The latest figures bring the full-year 2012 contraction to 6.4 percent, broadly in line with government projections. - Reuters
) and select "Flag as inappropriate". Our moderators will take action if need be.
 |
 |
 |
 |
Services
Buying a car has never been easy. Motoring.co.za contains a large database of car listings with a user friendly search.
Start searching today »
Financial Tools
Business Directory
You are here: IOL / Business / International / Greece's economy shrinks again
We like to make your life easier
Mobile
Browse IOL on your phone at m.iol.co.za.
Newsletters
Subscribe to our newsletters. News delivered to your inbox!
