Greek Economy Shrinks 3.7 pct in 2013

On an annual basis, in 2013 the Greece ‘s Gross Domestic Product (GDP) dropped by 3.7%, statistics data showed on Friday, less than a 4 percent contraction forecast by the government and the country’s lenders, the European Union and the International Monetary Fund. 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. In current prices, the Greek GDP was 44.285 billion euros in the fourth quarter of 2013, losing 10.425 billion euros compared with the corresponding period in 2010 (when the first memorandum was introduced). That was Greece ‘s sixth consecutive year of a recession, caused mainly by austerity measures demanded by the EU/IMF. This development will help the government come to a better deal with the troika in upcoming negotiations.

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