Recession in Greece reached 6.4% in 2012

Αccording to the official figures of the Hellenic Statistical Authority the rate of recession of the Greek economy was finalized at 6.4% in 2012.

This percentage emerged following the reduction of Greece’s Gross Domestic Product by 5.7% in the fourth quarter of 2012. The country's GDP plummeted to 2005 levels, since at current prices stood at 47.267 billion euros and was at the level of the second quarter of 2005 (47.452 billion euros). The Finance ministry estimates a decline of 4.5% for 2013.

The further GDP decline by 5.7% is the result of the sharp drop in private investments and consumption reduction. Private investments (gross fixed capital formation) decreased by 10.3%.

The consumption expenditure of households fell by 9.6%. Overall, the final consumption expenditure decreased by 9% (including consumption expenditures of the general government, which decreased by 5.8%).

In contrast, the deficit of the trade balance fell by 17.5% in the fourth quarter of 2012, partly offsetting the decline in GDP. Exports of goods and services decreased by 4.8% (exports of goods increased by 2.7% and exports of services decreased by 13.9%), while imports of goods and services decreased by 8.1% (imports of goods decreased by 8.5% and imports in services by 6.3%).