old Byzantine monastery in Kaisariani, Athens, Greece

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August 13, 2012

El Stat: Contraction of 6.2% in 2nd Quarter

The good news was that the cash deficit was only half of what was expected for this time period.


GDP contraction of 6.2%

Consumer Price Index (CPI) Jul. 12/Jul. 11 1.3
Harmonized Index of Consumer Prices (HICP) Jul. 12/Jul. 11 0.9
Gross Domestic Product (Flash estimates) Q2 2012 -6.2
Unemployment rate Q1 2012 22.6
Industrial Production index (excluding construction) June 12/June 11 0.3
Turnover Index in Retail Trade May. 12/May. 11 -8.8
Producer Price Index in Industry Jun. 12/Jun. 11 2.9
Building Activity (volume) May. 12/May. 11 -7.4%

And the future?

"We project GDP to contract by 7.1 percent in 2012 and by 2.4 percent in 2013, on the back of further significant declines in disposable incomes, rising unemployment and plummeting investment activity."

Eurobank economist Theodore Stamatiou said at Reuters.

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