Greek economy shrank 6.6 pct in Q4

The Greek economy shrank by 6.6 pct in the fourth quarter of 2010, with the country’s Gross Domestic Product falling by 4.35 pct last year, after a decline of 2.1 pct in 2009 and a growth rate of 1.0 pct in 2008, Hellenic Statistical Authority said on Friday.

The deep economic recession in Greece (the GDP shrank by 0.7 pct in the first quarter, by 5.0 pct in the second, by 5.1 pct in the third and by 6.6 pct in the fourth quarter of 2010) was the result of a significant decline in investments and consumption.

The statistics service, in a report, said total consumption spending fell 67 pct in the October-December period, compared with the same period in 2009 (public consumption fell 1.9 pct and private consumption fell 8.6 pct), gross fixed capital investments fell 7.6 pct, while exports grew 12.8 pct and imports fell 3.2 pct resulting to a 27.8 pct decline in the country’s trade deficit.

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