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Greece's 3Q GDP expands 0.5 percent q-o-q

Staff Writer |
Greece’s third quarter GDP expanded, in volume terms, by 0.5% on a quarterly basis, according to the seasonally adjusted flash estimates by the National Statistics Service.

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Most economists had seen an economic expansion in the range of 0.2% q-o-q.

Seasonally-adjusted data showed that the third quarter GDP grew by 1.5% compared to the respective figure of 2015.

Non-seasonally adjusted data provided a 1.2% expansion of the third quarter GDP on an annual basis.

Moreover, the NSS revised to the better the second quarter GDP growth figure to +0.3% q-o-q versus an earlier reading of +0.2%, while in the first quarter GDP has contracted 0.6% versus earlier estimates of -0.5%, it said.

On a y-o-y basis, GDP narrowed by 0.8% and 0.6% in the first and second quarter respectively. Provisional estimates are due for release on November 29.

The European Commission expects the country’s economy to narrow by 0.3% for the whole 2016.