GDP drops by 0.9% in the second quarter this year

GDP drops by 0.9% in the second quarter this year

Athens, August 30, 2016/Independent Balkan News Agency

By Spiros Sideris

By 0.9% decreased the country’s GDP in the second quarter year on year, with ELSTAT revising downwards the effects on the initial assessment of a recession of 0.7%. Between the second and first quarter, GDP grew 0.2% against an increase of 0.3% as was the initial estimate.

Also, ELSTAT anatheorise- on the cheiro- depressed 1% of GDP trend for the first quarter on an annual basis, from 0.8% decline in the first estimate.

According to ELSTAT, the unfavorable revision is a result of using information that was not available during the initial assessment. These elements are either monthly (as of June Balance of Payments) or quarterly (for the turnover of service industries and the labor force survey).

On an annual basis, the components involved in GDP were as follows:

  • The total final consumption expenditure decreased by 1.9%
  • Gross fixed capital formation investments grew by 7%
  • Reduction of 11.4% was recorded in the goods and services exports (exports of goods rose 2.9%, while exports of services fell 26.5%)
  • Reduction of 7.1% was recorded in the imports of goods and services (imports of goods fell 3.3% and imports of services decreased by 22.6%).

On quarterly basis, the following changes were made:

  • The total final consumption expenditure decreased by 0.2%
  • Gross fixed capital formation investments rose by 1%
  • Reduction of 1% was recorded in the goods and services of exports (exports of goods fell 0.6% and exports of services fell 3.5%).
  • Reduction of 0.4% was recorded in the imports of goods and services (imports of goods increased 0.5%, while imports of services fell 4.4%).

Moreover, based on non-seasonally adjusted data, the GDP on an annual basis fell 0.4% versus the 0.1% reduction, which was announced in the first assessment on August 12.