Greece second-quarter GDP revised down to -1.8%

Discussion in 'Economics' started by ASusilovic, Sep 8, 2010.

  1. LONDON (MarketWatch) -- Greek gross domestic product contracted by a downwardly revised 1.8% in the second quarter, the government statistics office said Wednesday. The agency previously estimated that GDP contracted by 1.5%. Compared to the same period last year, GDP contracted by 3.7% versus an earlier estimate of a 3.5% fall. The data showed gross fixed capital formation fell by 18.6% compared to same period last year, while total consumption expenditure fell 5.1%. General government consumption fell 8.4%, while private consumption declined 4.2%. The trade balance fell by 28.1% compared to the second quarter of last year, making a positive contribution to GDP, the agency said. Imports fell 13.5%, while exports declined 5%.