The Greek statistics authority ELSTAT published its latest data set today, according to which the rate of recession in the final trimester of 2013 was 3.7%, significantly less than what the troika had previously estimated.
The rate of recession in the first trimester of 2013 was 5.5%, which dropped to 3.7% in the second trimester and to 3% in the third trimester. The initial troika estimate for the final semester was 4.2%, however the rate of recession was found to be 3.7%.
On an annual basis, in 2013 the Gross Domestic Product dropped by about 3.7% to 3.9%. If confirmed, this development will help the government come to a better deal with the troika in upcoming negotiations.
