By Spiros Sideris
Up, to 1.9% from 1.7% that was the previous estimate, revised on Friday the Greek Statistical Authority the growth rate for the third quarter of the year, on a non-seasonally adjusted basis, mainly due to strong growth in tourism and consumption. On a seasonally adjusted basis, the Greek economy “ran” at a rate of 1.6% in the third quarter of 2014 compared to the same period in 2013, and the previous estimate of 1.4%.
ELSTAT announced an upward revision of the growth rate in the third quarter of the year, incorporating newer and additional evidence, compared with those that were available on November 14, when they announced the first estimates for the third quarter GDP. On a non-seasonally adjusted basis, the Greek GDP rose by 1.9% in the third quarter compared with the same period in 2013, compared with a previous estimate of GDP growth of 1.7%.
On a seasonally adjusted basis, there is an increase of 1.6% yoy, compared with the previous increase of 1.4%, which was calculated based on the initial estimates. Indeed, the provisional data of ELSTAT point to an end to the recession this year, since after a contraction of 0.3% in the first quarter on a seasonally corrected annual basis, the GDP in the second and third quarter grew by 0.4% and 1,6% respectively.
Now with these data, the average growth rate of the Greek GDP in the January- September 2014 stood at about 0.6%, which is the goal set by the government and the troika for average growth this year. This practically guarantees the achievement of the objective, making the recovery of higher growth rates in 2015 easier, where the GDP growth is expected at 2.9%.
A key role in the evacuation of the economy from recession played, the rise in household consumption, the rise in exports, but also the increase in fixed capital investment, as shown in the detailed figures of ELSTAT.