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Greece Q3 expands 1% q-o-q, 2.2% y-o-y

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Europe   Seasonally-adjusted data showed that the third quarter GDP grew by 2.2%

Greece’s third quarter GDP expanded, in volume terms, by 1.0% on a quarterly basis, according to the seasonally adjusted provisional data released by the National Statistics Service or ELSTAT.

Seasonally-adjusted data showed that the third quarter GDP grew by 2.2% compared to the respective period of 2017, exceeding the economists’ forecasts which were for a rise of around 1.8%.

Non-seasonally adjusted data provided a 2.4% expansion of the third quarter GDP on an annual basis.

Moreover, ELSTAT revised the second quarter GDP data, which shows a 0.4% expansion q-o-q from 0.2% previously, while the growth rate on an annual basis is 1.7% compared to earlier estimates of 1.8%.

ELSTAT data showed that third quarter final consumption dropped by 0.2% and 0.3 q-o-q and y-o-y respectively , while gross fixed capital formation growth decreased 14.5% and 23.2% q-o-q and y-o-y respectively.

In contrast, exports and imports advanced both on a quarterly and annual basis. Exports were up 2.8% and 7.6% q-o-q and y-o-y respectively while imports were also up 7.5% and 15.0% q-o-q and y-o-y accordingly.

Greece now expects GDP to grow by 2.1% in 2018 before accelerating further to 2.5% in 2019.

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