Greek economy shrinks 7.7 pct in H1

The Greek economy remained in deep recession in the first half of 2011, with the country’s Gross Domestic Product shrinking by 7.7 pct in the January-June period, compared with a decline of 2.35 pct in the same period last year, the independent Hellenic Statistical Authority said on Thursday.
The statistics service, in a report, said that GDP fell 7.3 pct in the second quarter of 2011, exceeding a budget target for a decline of 6.9 pct. The statistics agency attributed this negative development to a sharp decline in turnover in the services sector and to a large decline in investments. The country’s Gross Domestic Product shrank 8.1 pct in the first quarter.
Gross fixed capital investments dropped 17.9 pct in the second quarter of 2011 compared with the same period last year, while consumer spending fell 6.8 pct (private consumption down 6.1 pct and public consumption down 9.7 pct). On the other hand, the country’s trade deficit fell by 26.5 pct in the same period.
Export of goods and services fell 4.1 pct (exports of goods rose 2.2 pct and exports of services fell 3.8 pct), while imports fell 7.6 pct (imports of goods fell 7.1 pct and imports of services dropped 9.2 pct).

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