GDP down 6.3% in second quarter
7 Sep 2012

The 6.3 percent fall in the second quarter comes on top of the 6.5 percent reduction recorded for the first three months of 2012
The economy shrank by 6.3 percent in the second quarter of 2012, the Hellenic Statistical Authority (Elstat) said on Friday.

In its Quarterly National Accounts report, Elstat revised its initial forecast of 6.2 percent for GDP in AprilJune.

The fall comes on top of the 6.5 percent reduction recorded for the first three months of the year.

International organisations predict that the GDP will shrink by around 7 percent this year, keeping the country in a recession for a fifth consecutive year.

Analysts also expect that the new austerity package will bring further deterioration of the situation.

Gross fixed-capital investments fell by 19.4 percent in the second quarter of 2012, while consumer spending dropped by 8 percent. On the other hand, a decline in the trade deficit by 39.9 percent partly counterbalanced GDP decline. Exports of goods and services fell 4.1 percent, while import of goods and services fell by 12.3 percent over the same period. (AMNA, Athens News/dmcu)

(...) keeping the country in a recession for a fifth consecutive year.
----------------------------------------------------------------------

And no end in sight.

Hey, it doesn't matter because Greeks pay greater attention for Turkey, miserable PKK and their suicide missions. Meanwhile Germans own the pants on their azzes.



Victory Through Air Power