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GDP declines 4.6 pct in 3rd quarter 2010

Δημοσίευση 10 Δεκεμβρίου 2010, 08:53 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
GDP declines 4.6 pct in 3rd quarter 2010
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The Hellenic Statistical Authority (ELSTAT) on Thursday announced that the Gross Domestic Product (GDP) in the 3rd quarter of 2010 decreased by 4.6% in comparison with the 3rd quarter of 2009 and by 1.3% in comparison with the 2nd quarter of 2010, based on provisional data.

The Hellenic Statistical Authority (ELSTAT) on Thursday announced that the Gross Domestic Product (GDP) in the 3rd quarter of 2010 decreased by 4.6% in comparison with the 3rd quarter of 2009 and by 1.3% in comparison with the 2nd quarter of 2010, based on provisional data.

ELSTAT's announcement noted that the GDP rate of change between the quarters of 2009 and 2010 should be treated with caution, due to the discontinuity of General Government data series, adding that this issue would be addressed by the end of the year, with the backwards revision of General Government data.

Gross fixed capital formation (GFCF) decreased by 20.0% in comparison with the 3rd quarter of 2009. By asset, GFCF in dwellings decreased by 17.1%, in other construction by 10.4%, in other machinery and equipment by 25.4% and in transport equipment by 33.2%.

Total final consumption expenditure recorded a decrease of 5.5% in comparison with the 3rd quarter of 2009. General government consumption decreased by 4.7%, while private consumption recorded a decrease of 5.8%.

External trade deficit decreased by 42.2%, contributing positively to the GDP percent change. Imports decreased by 17.8% in comparison with the 3rd quarter of 2009. Imports of goods decreased by 22.2% while imports of services increased by 0.7%.

Exports decreased by 1.1% in comparison with the 3rd quarter of 2009. Exports of goods decreased by 2.6% while exports of services marginally increased by 0.04%.

As regards the production approach of GDP, total gross value added decreased by 6.3% in comparison with the 3rd quarter of 2009 and by 0.2% in comparison with the previous quarter.

Increase in gross value added was recorded only in agriculture, forestry and fishing industry by 2.8%.

On the other hand, the gross value added decreased in the other industries: manufacturing, mining, electricity, gas and water supply industry by 7.0%, construction industry by 13.8%, trade, hotels-restaurants, transport and communication industry by 11.9%, financial, real estate, renting and business activities industry by 2.2% and in other service activities industry by 1.7%.

Compensation of employees, at current prices, decreased by 6.1% in comparison with the 3rd quarter of 2009.