INSTANT VIEW 1-Greece suffers first recession in 16 years - News

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INSTANT VIEW 1-Greece suffers first recession in 16 years

By: AFX | 13 Nov 2009 | 05:34 AM ET

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ATHENS, Nov 13 (Reuters) - Greece's economy entered its first recession in 16 years in the first quarter of 2009 and has not recovered since, revised figures from Eurostat and the country's statistics service (NSS) showed on Friday. The economy has suffered quarterly GDP contractions since the last three months of 2008. Two consecutive quarterly contractions in output mean an economy is in recession. The 250-billion euro economy contracted 0.3 percent in the third quarter of 2009 after shrinking by a revised 0.1 percent in the second quarter, the NSS flash estimate showed. Economists polled by Reuters were expecting the economy to contract at a quarterly 0.8 percent clip in the third quarter. ************************************************************* KEY FIGURES (in pct) Q3 2009 Q2 2009 Q1 2009 Q4 2008 GDP growth (y/y) -0.3 -0.1 -0.5 -0.7 GDP growth (q/q) -1.6 -1.2 -0.5 +0.7 ----------------------------------------------------- source:NSS NATIONAL STATISTICS SERVICE "The revision of quarterly growth rates, in combination with the revision of the accounts of general government and the evaluation of most recent sectoral indicators, led to new estimates for the first two quarters of 2009." (Reporting by Harry Papachristou; Editing by Ingrid Melander) Keywords: GREECE GDP/ (harry.papachristou@thomsonreuters.com; +30 210 3376455; Reuters Messaging: harry.papachristou.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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