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Economy of Greece Recorded a Contraction of 6.4% in 2012

By on March 12, 2013

Greece Crisis

According to preliminary data, the GDP was affected by the fall in consumption and a negative trade balance.

The Greek economy shrank 6.4% in 2012, the fifth year of recession that supports the Mediterranean country, according to provisional data released by the Statistical Institute of Greece (ELSTAT).

According to the statistical bulletin, the last quarter of the year the Greek GDP fell 5.7%, a figure significantly lower than in the previous three year period in which the economy fell by 6.7%, 6.4% and 6.7%, respectively.

A month ago, ELSTAT had published an initial estimate of the last quarter of the year, bringing the GDP contracting by 6% to 5.7% revised “using new data not available at the time of the estimate.”

The GDP contraction slowed as ELSTAT, in part because the trade deficit narrowed, and while exports fell 4.8% in the last quarter of 2012 compared with the same period of 2011, imports fell even more: 8.1%.

Consumption during the four quarters of 2012 chained increasingly pronounced declines: -7.5%, -7.3%, -8.8% and -9.0%.

A source consulted by Efe ELSTAT explained that definitive data on the 2012 Greek GDP will be published next month.

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