The deep economic recession in Greece (the GDP shrank by 0.7 percent in the first quarter, by 5.0 percent in the second, by 5.1 percent in the third and by 6.6 percent in the fourth quarter of 2010) was the result of a significant decline in investments and consumption.
The independent Hellenic Statistical Authority (Elstat), in a report, said total consumption spending fell 67 percent in the October-December period, compared with the same period in 2009 (public consumption fell 1.9 percent and private consumption fell 8.6 percent).
Gross fixed capital investments fell 7.6 percent, while exports grew 12.8 percent and imports fell 3.2 percent resulting to a 27.8 percent decline in the country’s trade deficit.
source: ANA-MPA
