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Home arrow About Us arrow Embassy of Greece in London arrow News arrow Greek economic recession slows to 3.0 pct in Q3

Greek economic recession slows to 3.0 pct in Q3

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The Greek economy recorded a significant slowdown in its recession in the third quarter of 2013, helped by a significant increase in tourism, with the country’s Gross Domestic Product shrinking by 3.0 pct, after shrinking by 6.7 pct in the corresponding period last year, Hellenic Statistical Authority said on Thursday.

The statistics service, in a report, said the rate of economic recession slowed steadily so far this year, from 5.5 pct in the first quarter to 3.7 pct in the second and 3.0 pct in the third quarter, with the country’s GDP shrinking by 4.07 pct in the nine-month period from January to September, down from 6.6 pct in the corresponding period last year.

Finance ministry officials, commenting on the data, said that the slowdown was expected to continue falling in the fourth quarter of 2013 to around -4.0 pct on average this year, while they did not exclude the recession falling more to -3.6-3.8 pct this year. The officials expect the economy to return to positive growth rates (0.6 pct) next year.

In Brussels, Eurostat said that the Greek economy shrank by 3.8 pct in the second quarter of 2013, compared with the same period last year. In the Eurozone, the GDP shrank by 0.4 pct in the third quarter, while in the EU-28 the economy grew by 0.1 pct, compared with the same period in 2012. On a quarterly basis, the GDP grew 0.1 pct in the Eurozone and by 0.2 pct in the EU in the third quarter.

Last Updated Friday, 15 November 2013
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