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”.
ELSTAT 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 🙂