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ELSTAT Q2 2016: Greece’s economy still in recession (-0.7%) but with signs of recovery

Mild recession – Stagnation – Recovery – Growth? I’m kind of confused reading the comments on Greece’s economic data released today by the Greek Statistics Authority ELSTAT.

Greece’s Gross Domestic Product declined at 0.7% in the second quarter of 2016 compared to the same period of 2015, the ELSTAT announced on Friday. But it increased by 0.3% compared to the first quarter of 2016.

In its press release ELSTAT stresses that the data released are “flash estimates”.

elstatELSTAT recession 0.7% in the second Quarter of 2016

“If Greece seasonally-adjusted Q3 & Q4 GDP is kept at Q2 absolute levels, Greek economy would contract 0.2% in 2016,” an economic analyst commented on Twitter.

Another wrote “With Greek economy contracting for 4th straight quarter in Q2 (-0.7% y/y), more economists talking about stagnation.”

And Financial Times cheered “Yes, Greece surprises with economic growth“.

“Greece bucked the downbeat tone of eurozone GDP reports this morning as it reported a surprise burst of economic growth in the second quarter.

Greece’s economy has shrunk by almost 30 per cent since the start of the financial crisis in 2008, but observers are hopeful recovery is now in sight. Most international organisations expect Greece to return to annual growth next year, though there is little agreement on the pace of any increases.”

Flash estimates for the Q2 2016 by the EUROSTAT show that Greece is the only country with -0.70% in the Eurozone area.

ELSTAT announced a new assessment on August 28 will include new data service turnover, labor research and other fields.

If you are as confused as I am about all these statistics of numbers, percentages, Qs and other economic terminology, the general economic mood is:

Greece’s economy is still in recession, however with signs of recovery.

PS let’s all go to the beach 🙂

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  1. No, the only people who are confused are the general public. It is very clear to all economists of any competence that the greek economy is in serious depression and is not going to come out of it for a very very long time. Anything else that has been written is just political bullshit, and not worth discussing. We have all been through years of this garbage: you should know by now that there is a small handful of independent economists who give independent advice. The rest are just playing games for their political masters, employers or for their own ideological reasons (like the US-Greek malakes professors of economics who are determined to foist the neoliberal and austerity agendas , incompatible as they are, on Greece).

    • Yup. In a nutshell.

    • Giaourti Giaourtaki

      To “believe” in capitalism and the dogma of “growth” is a mega mistake anyway, f.e. Germoney will loose 20 million jobs in the next 30 years because capitalists will employ robots and drones instead of humans, so future jobs for Greece will not even come from tourism anymore, may be take some rich pensioners but even they’ll die out after some decades and if people believe into new internet market bubbles or other fashions that will get quiet boring very fast they deserve their own disaster anyway as killing millions of people for resources was never really smart.
      Get away from consumerism and modern needs bullshit are the only possible steps and on this way the state will be abolished as no-one needs authorities anyway, locally organised it’s all much easier to achieve what one really needs, production of food must be for eat not for exports.