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Greece 2016 GDP revised to worse

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Staff Writer | October 18, 2017
Greece GDP
Europe   National Statistics Service:

Greece’s GDP growth in 2016 was revised to the worse, as it posted a small contraction of 0.2% against earlier forecasts for zero growth, National Statistics Service or ELSTAT said.

“According to the revised data the Gross Domestic Product (GDP) of the year 2016 in volume terms decreased by 0.2% in comparison with the year 2015, against a change of 0.0% that was announced for the first estimate in March 2017,” ELSTAT said.

ELSTAT said that the revision is mainly due to the incorporation of Household Budget Survey (HBS) results.

The final consumption expenditure, in volume terms, decreased 0.3% y-o-y against an increase of 0.6% that was announced for the first estimate in March.

Also, the imports of goods and services of the year 2016 in volume terms increased by 0.3% y-o-y revised from the earlier estimates of a 0.4% decrease while exports of goods and services decreased by 1.8% y-o-y revised from March’s reading of a 2% drop.

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