Greek 2016 Gross Domestic Product figures revised downwards

Greek statistics agency on Monday revised downwards its estimates on the course of the country’s GDP in the fourth quarter of 2016 to -1.1 pct compared with the same period in 2015, from an initial estimate of a 0.3 pct growth reported in February 14.

In a quarterly basis, the Greek GDP fell 1.2 pct in the fourth quarter of 2016 from the third quarter, from a 0.4 pct decline initially estimated. As a result, in 2016 the country’s GDP shrank 0.05 pct, from an initial estimate of a 0.3 pct growth rate.

Hellenic Statistical Authority attributed this change to the integration of data not available during the first estimate, such as balance of payments in December, turnover in the services sector and employment figures.

Following the revision of data, the Greek GDP fell 0.7 pct in the first quarter of 2016, it shrank 0.4 pct in the second quarter, it grew 2.0 pct in the third quarter and fell 1.1 pct in the fourth quarter of the year (on an annual basis).

Final consumption spending grew 0.6 pct in 2016 (household consumption was up 1.1 pct and general government consumption fell 2.0 pct). Private investments (gross fixed capital formation) fell 13.8 pct in the fourth quarter, from a decline of 10.2 pct in the first quarter, an increase of 17.8 pct in the second and a rise of 12.6 pct in the third quarter. Exports of goods and services grew 5.7 pct (-11 pct in the first quarter, -9.9 pct in the second, 11 pct in the third), while imports of goods and services grew 3.0 pct (-10 pct in the first quarter, -2.1 pct in the second and 13.8 pct in the third).

According to non-seasonally adjusted data, the Greek GDP fell 1.4 pct in the fourth quarter compared with the same period in 2015, from an initial estimate of a 0.2 pct growth rate.