Greece
Flash Q3 GDP data better than expected; full-year real GDP growth now seen between -0.5% and 0.0%
According to the national account statistics for the third quarter of 2015 (flash estimate), Greece’s real gross domestic product in seasonally and calendar adjusted terms declined by 0.5% QoQ /0.4% YoY. This is well above market consensus and compares with a +0.4% QoQ/+1.1% YoY reading in the prior quarter. In nominal terms, output growth in Q3 came in -0.5% QoQ/-1.8% YoY, with the implicit GDP deflator recording another negative reading (-0.7% YoY vs. -0.4% YoY in Q2), despite the across-theboard hikes in VAT rates implemented in early August. Furthermore, certain revisions were made to the prior quarters, with the revised data showing that the domestic economy recorded real output growth of +0.4% YoY in the nine months to September 2015…
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GLOBAL FOCUS NOTE_NOVEMBER 13, 2015
