Greek GDP figures revised downwards in Q3

The statistics service said that the Greek economy contracted 0.07 pct on average in the January-September period and attributed this development to monthly figures for the country's balance of payments and to quarterly figures on turnover in the services sector and employment. Ministry officials said this revision was in line with a budget provision for a zero growth rate this year.

According to seasonally-adjusted figures, the country's GDP contracted by 1.1 pct in the third quarter compared with the same period last year, while it shrank by 0.9 pct compared with the second quarter of 2015, from a -0.5 pct initial estimate.

Total final consumption spending fell 1.0 pct in the third quarter, from the second quarter (household consumption spending fell 0.8 pct), gross fixed capital investments fell 7.0 pct, exports and goods and services dropped 7.1 pct, while exports of services fell 16.1 pct, imports fell 16.9 pct.

According to non-seasonally-adjusted figures, the Greek GDP fell 0.9 pct in the third quarter, from a -0.1 pct initial estimate.