Greece’s statistical service, ELSTAT, published on Friday figures showing that the rate of recession during the first quarter of 2014 was 0.9% of GDP, which is lower than the initial 1.1% estimation.
According to ELSTAT, the discrepancy in the rate of recession is due to the inclusion and consideration of data that was not available when the initial predictions were made.
The gross domestic product was estimated at 36.934 billion euros, compared to 37.281 in 2013, while consumer expenditure increased to 35.1 billion euros (0.8%). The gross capital investment also fell by 7.9% compared to last year. The export of goods and services increased by 0.5% compared to the same quarter last year while, imports increased by 2.3%.
Greece and its international lenders believe that the Greek economy will pull out of recession this year and expand by 0.6 %, supported by investments, exports and tourism.
The Greek economy has experienced a boost during recent months, due to a successful bond sale – the first in four years – and an improved market sentiment.
“A pretty encouraging figure, coming close to our estimate of -0.8 % and suggesting a nearly flat quarter-on-quarter reading on seasonally adjusted terms,” reported the economist Platon Monokroussos at Athens-based Eurobank.
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