According to Greek Statistics Authority ELSTAT the rate of recession in 2012, based on annual national accounts, was 6.4%. The GDP was estimated to be 195.2 billion euros (from 208.5 billion in 2011), with a market price of 193.7 billion euros (7.1% less compared to 2011).
The GDP dropped by 6.4% last year due to further reduction of consumption and investments. Specifically the consumer expense of households dropped by 9.1%, while the gross fixed capital formation by 19.2%.
The reduction of imported goods by 13.8% contributed towards the GDP in a positive way, since the reduction of exported goods and services was far less, with an estimated rate of 2.4%.
ELSTAT has indicated that in October it may revise reports from a series of years, due to an update of the methodology and more efficient use of data sources. This includes data on external trade, general government accounts, recent family budgets and others.
