Monday, 29 August 2016

Greek GDP - Q2 2016 update

Οfficial figures for Greece's Q2 2016 GDP were announced today. The Greek economy contracted by 0,95% compared to Q2 2015. Here's the official announcement

source: ELSTAT

The only GDP component that grew when compared with Q2 2015 was Gross Capital Formation.

source: ELSTAT

If we try to analyze GDP's components, the ones preventing a larger GDP decrease were Gross Capital Formation and Imports (which continued to slide).

source: ELSTAT, own calculations

One has to remark on the household final consumption's accelerating slide and on the continued slump in exports, a slump that started since the imposition of capital controls.

To wrap this up, Greek GDP continues its stay in no man's land with the tax-raising policy picked by the government not bearing much fruit and seemingly pushing an increasing part of the economy in the grey area.

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