It was the smallest contraction for the four quarters last year, with the other three being 6.7 percent, 6.4 and 6.7. Greece’s economy has been shrinking since the third quarter of 2008. The contraction of 5.7 percent in the final quarter of last year means that the overall contraction of the economy in 2012 reached 6.4 percent. Other date included in ELSTAT’s quarterly national accounts showed that total final consumption expenditure recorded a decrease of 9 percent in comparison with the fourth quarter of 2011. Gross fixed capital formation decreased by 10.3 percent in comparison with the final quarter of 2011. The external trade deficit decreased by 17.5 percent.
Exports decreased by 4.8 percent in comparison with the fourth quarter of 2011. Exports of goods increased by 2.7 percent while exports of services declined by 13.9 percent. Imports decreased by 8.1 percent in comparison with the fourth quarter of 2011. Imports of goods decreased by 8.5 percent and imports of services declined by 6.3 percent.