2010.09.0806:18:00UTC+00Greek Q2 GDP Contraction Worse Than Previously Estimated

Greek gross domestic product dropped 3.7% year-on-year at constant prices in the second quarter, steeper than the 3.5% drop estimated initially, the Hellenic Statistical Authority said Wednesday. In the previous quarter, GDP dropped 2.3%.

GDP decreased for the sixth consecutive quarter since the first quarter of 2009. A year earlier, the GDP decreased 1.9%. At the same time, GDP fell a seasonally adjusted 1.8% compared to the first quarter.

Gross fixed capital formation decreased 18.6% year-on-year in the second quarter. Total final consumption expenditure recorded a 5.1% decrease in comparison with the same period last year with the general government consumption falling 8.4% annually and private consumption recording a 4.2% decline.

During the period, the external trade deficit, decreased 28.1% contributing positively to the GDP. Imports decreased 13.5% year-on-year and exports also fell 5%.

Estimating by the production approach of GDP, total gross value added decreased 6.3% annually during the quarter-ending June and 3.9% in comparison with the first quarter.

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