The Hellenic Statistical Authority (ELSTAT) published flash estimates showing that GDP decline in Greece was just 0.5% during the third quarter of 2015. These results, published on Friday, were “especially encouraging” and showed the country’s economy had managed to withstand the impact of capital controls, say finance ministry sources.
ELSTAT announced its latest flash estimates on the gross domestic product (GDP) for the third quarter of 2015 and documented a 0.5% decline in comparison to the second quarter of 2015 and a 0.4% declined compared with the third quarter of 2014.
Earlier forecasts had been significantly higher as they showed a GDP decline of 1.9% on an annual basis and 2.7% compared with the second quarter. They also helped support government forecasts that the recession throughout 2015 will be around 1.3%, instead of the initial forecasts for a 2.3% GDP decline made in the summer, and pointed toward an earlier return to economic growth.
Seasonally adjusted GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the third quarter of 2015, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the second quarter of 2015, GDP grew by 0.4% in both areas. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.9% in the EU28 in the third quarter of 2015, after +1.5% and +1.9% respectively in the previous quarter. During the third quarter of 2015, GDP in the United States increased by 0.4% compared with the previous quarter (after +1.0% in the second quarter of 2015). Compared with the same quarter of the previous year, GDP grew by 2.0% (after +2.7% in the previous quarter). Greece’s results were better than expected.