Hellenic Statistical Authority (ELSTAT) announced the Gross Domestic Product for the 1st quarter of 2013. In the press release published on June 7th 2013, the ELSTAT notes:
“Available non-seasonally-adjusted data indicate that, in the 1st quarter of 2013, the Gross Domestic Product (GDP), in volume terms 1, decreased by 5.6% in comparison with the 1st quarter of 2012, compared with a decrease of 5.3% that was calculated for the flash estimate of the 1st quarter and was announced on May 15, 2013. The difference is on account of using new data, not available at the time of the flash estimate.These data are either monthly data (for example March data for imports and exports) or quarterly data (for example turnover indices for the service industries and labour force surveydata).Total final consumption expenditure recorded a decrease of 8.3% in comparison with the 1st quarter of 2012.”Full report here
In 2012 recession was at 7%.
PS to those expressing doubts over the “Greecovery” and “Greece’s success story” I can tell you this: Greece’s economic recovery started in April 2013 🙂
