Greece Falls Deeper Into Recession In Q2

Greece Falls Deeper Into Recession In Q2


The Greek economy contracted at a faster-than-expected pace in the second quarter, suggesting a deeper recession than estimated earlier, final data from the Hellenic Statistical Authority showed Friday.
The unadjusted gross domestic product (GDP), at constant prices, fell 6.3 percent annually in the second quarter, faster than the 6.2 percent decease recorded in the preliminary estimates. The latest change was, however, slower than the 7.5 percent contraction seen in the first quarter.
Final consumption expenditure fell 7.2 percent compared to last year, while gross fixed capital formation plunged by 19.4 percent.
Meanwhile, the trade deficit decreased by 39.9 percent annually, contributing positively to the GDP. Exports and imports decreased 4.1 percent and 12.3 percent respectively during the three-month period.
At current prices, GDP slipped at a faster pace of 6.5 percent annually in the second quarter after easing 6.1 percent in the previous three months. The initial estimated were for a 6.6 percent fall.