The Greek economy continues to decline, with a smaller than previously expected fall in real GDP recorded in Q4 (-5.7% y/y), after a particularly sharp contraction in Q3 (-6.7%). 2012 as a whole resulted in an annual contraction of 6%, bringing the total decline since the start of the recession in 2008 to 20%. Falls in private consumption and investment were particularly sharp in Q4, while net trade contributed to growth thanks to imports shrinking by much more than exports. PMI surveys suggest a further deterioration in Q1.
Source : Cushman & Wakefield