Greek Economy Shrunk 3.7 pct in 2013



GDP_Greece

Greece ‘s Gross Domestic Product (GDP) dropped by 3.7% in 2013, statistics data showed on Friday. The result is less than a 4 percent contraction forecast by the government and the country’s lenders, the European Union and the International Monetary Fund.

The rate of recession in the first trimester of 2013 was 5.5%, which dropped to 3.7% in the second trimester and to 3% in the third trimester.

In current prices, the Greek GDP was 44.285 billion euros in the fourth quarter of 2013, losing 10.425 billion euros compared with the corresponding period in 2010 (when the first memorandum was introduced).
That was Greece ‘s sixth consecutive year of a recession, caused mainly by austerity measures demanded by the EU/IMF.

This development will be a major help the government come to a better deal with the troika in upcoming negotiations.


2 COMMENTS

  1. Surprisingly we have a primary surplus of over a billion, no 800,000, no it’s more but maybe less. It has become a game of juggling numbers and cooking the financial books to arrive at an incorrect but political career saving conclusion. This is why Eurostat does not believe Stournaras’ prognostications or his platitudes. Samaras can blather all he wishes, but the devil is in the detail and with a shrinking economy it will be very difficult for him to make anyone a believer.

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