Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
Focus Notes
Greece- Downward revision in Q3 data, not altering our expectation for a milder than expected full-year real GDP contraction (November 27, 2015)
Greece’s statistics authority (EL.STAT.) released earlier today its revised national accounts for the third quarter of 2015 (see Figure 1). According to provisional data, Greece’s real gross domestic product in seasonally and calendar adjusted terms contracted by 0.9% QoQ / 1.1% YoY, downwardly revised from an initial estimate (13/11/2015) in the Q3 flash report of -0.5% QoQ / -0.4% YoY. A small downward revision was also made to the Q2 figure (real GDP up 0.3% QoQ / 0.9% YoY against an earlier reported 0.4% QoQ / 1.1% YoY). The breakdown of the data revealed that the drivers behind real Q3 GDP contraction were investment and exports. Their negative effect was partially counterbalanced by total consumption and imports.
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Greece- Q3 GDP provisional data
