Greek Gross Domestic Product contracted by 1.3 pct in current prices in 2015

Greek GDP contracted by 1.3 pct in current prices in 2015, surpassing an initial estimate for a 0.9 pct contraction, although GDP shrank by 0.2 pct in volume, unchanged from an initial estimate, Hellenic Statistical Authority said on Friday.

The statistics service, attributed this downward revision in the annual GDP rate in current prices mainly to the integration of the results of a Family Budgets Report for 2015 and figures of the development of sea transport and the import of vessels. Based on annual national accounts, the 1.3 pct fall in GDP was attributed to an 1.9 pct fall in final consumption spending in current prices (from a 0.9 pct decline initially estimated in March), as household consumption fell 1.8 pct and general government consumption fell 2.2 pct.

Import of goods and services dropped 10.2 pct in 2015, from a 14.8 pct initial estimate. Exports of goods and services fell 3.0 pct from an initial estimate for an 8.7 pct decline

Private investments fell 1.6 pct in 2015. This year’s budget envisages a 0.3 pct contraction of GDP and a 2.7 pct growth rate for 2017.