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Greek Gross Domestic Product Fell By 7.3% In Q2 2011

Available non‐seasonally‐adjusted data indicate that, in the 2nd quarter of 2011, the Gross Domestic Product (GDP) at constant prices of year 2000 decreased by 7.3% in comparison with the 2nd quarter of 2010, said the Hellenic Statistical Authority in a report. 

The difference of 0.4% in the GDP growth rate, compared with the flash estimate announced on 12/08/2011, is due to the availability of new data ‐ mainly the turnover services indices which are produced around 70 days after the end of the reference quarter.

Total final consumption expenditure recorded a decrease of 6.8% in comparison with the 2nd quarter of 2010, while gross fixed capital formation (GFCF) decreased by 17.9% in comparison with the 2nd quarter of 2010.

External trade deficit decreased by 26.5%, contributing positively to the GDP percent change.

Exports decreased by 1.4% in comparison with the 2nd quarter of 2010. Exports of goods increased by 2.2% while exports of services decreased by 3.8%.

Imports decreased by 7.6% in comparison with the 2nd quarter of 2010. Imports of goods decreased by 7.1% and imports of services by 9.2%.

The GDP of the 1st quarter of 2011 is revised, based on 1st quarter 2011 data of the General Government accounts (compiled at the end of June), as well as new estimates of the turnover indices for services. This revision affects GDP in current prices, while the impact on GDP in constant prices is negligible.

As already reported before, due to the break in the time series of quarterly General Government data, and the resulting availability of data for only a very short period (2009Q1‐2011Q2) on which to apply the seasonal adjustment calculation, combined with major changes reflected in the economic indicators used in the estimations of quarterly GDP, the implementation of seasonal adjustment does not provide satisfactory results.
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