GDP down 6.9% in Q2

Greece's Gross Domestic Product (GDP) fell by 6.9% in the second quarter (Q2) of the year, the independent Hellenic Statistical Authority (ELSTAT) said on Friday.

ELSTAT, in flash estimates, said that available non-seasonally-adjusted data indicates that in the 2nd quarter of 2011, the Gross Domestic Product (GDP) at constant prices of the year 2000 decreased by 6.9% in the 2nd quarter of 2011 in comparison with the 2nd quarter of 2010.

The decrease recorded in domestic demand (final consumption expenditure and gross fixed capital formation) has contributed to the decline of the GDP, while the improvement in the external trade balance has partially offset this effect.

The GDP of the 1st quarter of 2011 has been 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.