Greece- Revised data for Q4 2015 point to full-year real GDP contraction of 0.3%
Hellenic statistical authority (EL.STAT.) published earlier today provisional national accounts data for the fourth quarter of 2015. The release contained a positive development in the form of an upward revision in Q4 2015 real GDP growth to +0.1%QoQ/‐0.8%YoY in seasonally adjusted terms from an initial reported estimate of ‐0.6%QoQ/‐1.9%YoY. The data breakdown revealed that the main growth drivers from the demand side were government consumption, gross fixed capital formation and net exports. Their positive contribution was partially counterbalanced by a contraction in both private consumption and inventories. For the full year 2015 real GDP contracted by 0.3%, better than ‐0.7% previously reported and in line with our projection envisaged in the Greece Macroeconomic Outlook 2016 report.1 The year 2015 marks the 7 th year of recession in the last 8. Between 2007 and 2015, the Greek economy has contracted by 26.1% cumulatively.
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