Financial Times
June 9, 2011
Greece’s statistical agency has revised downward its quarter-on-quarter growth estimate for the first three months, curbing hopes that an export-driven recovery might be on the way for the crisis-hit country.
Gross domestic product grew by 0.2 per cent in the first quarter, down from a flash estimate of 0.8 per cent, according to Elstat, the independent agency set up last year.
The earlier estimate had taken analysts by surprise as Greece’s economy had not been projected to show positive growth until the third quarter this year.
“The revised figure is still positive ... but the baseline is that domestic demand continues to contract, though we may see an improvement in exports later this year,” said Platon Monokroussos, head of markets research at EFG Eurobank.
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