Greek economic contraction during crisis higher at 24.6 pct, revised data shows

EconomyMacroeconomy Tags: ELSTAT, GDP
Photo by Harry van Versendaal
Photo by Harry van Versendaal

The Hellenic Statistical Authority (ELSTAT) released on October 10 a revision of national accounts for 1995-2013 so it is in line with the new European System of Accounts (ESA 2010) rather than the previous ESA 1995 before, which produced a deeper recession over the past few years.

The revision unveiled a slower recession in 2013 at -3.3 percent (from -3.9 percent) and in 2012 at -6.6 percent (from -7 percent). However, the economic downturn was more severe in the preceding three years, at -8.9 percent in 2011 (from -7.1 percent),...

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