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Greek Economy Faired Worse Than Initially Thought in the Third Semester of 2015

Money LaunderingPreliminary figures compiled and released by the Hellenic Statistical Authority (ELSTAT) reveal that the initial estimations of the performance of the third quarter were optimistic.
Initial estimations reported that the Greek economy shrunk by 0.4% compared to third quarter of 2014. The latest data show a 1.1% year to year reduction. Seasonally adjusted real GDP decrease from the second quarter of 2015 was also underestimated. The new figures show a 0.9% quarter to quarter decrease instead of the initially reported 0.5% decline.
Final consumption dropped by 1% from the second quarter of 2015 and 0.1% from the third quarter of 2014. Investment saw a notable decline of 7.1% on a quarter to quarter basis and an even larger 12.9% drop on a year to year basis.
Exports of goods and services slid by 7.1% from quarter to quarter and 11.4% from year to year. While sales to foreign markets showed a significant drop, imports of goods and service fell by 16.9% compared to the second quarter and by 19.9% compared to the third quarter of 2014.
Greece’s third quarter was marred by the imposition of capital controls in late June. The majority of these prescribed restrictions are still in effect today.

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