Greek gross domestic product contracted by a downwardly revised 1.8% in the second quarter, the government statistics office reported. The agency previously estimated that GDP contracted by 1.5%. Compared to the same period last year, GDP contracted by 3.7% versus an earlier estimate of a 3.5% fall.
Gross fixed capital formation (GFCF) decreased by 18.6% in comparison with the 2nd quarter of 2009. By asset, GFCF in dwellings decreased by 19.3%, in other machinery and equipment by 10.6%, in other construction by 27.0% and in transport equipment by 20.9%.
Total final consumption expenditure, recorded a decrease of 5,1% in comparison with the 2nd quarter of 2009. General government consumption decreased by 8.4%, while private consumption recorded a decrease of 4.2%.
The external trade deficit, decreased by 28.1% contributing positively to the GDP percent change.
Imports decreased by 13. 5% in comparison with the 2nd quarter of 2009. Imports of goods decreased by 21.1% while imports of services increased by 11.4%.
Exports decreased by 5% in comparison with the 2nd quarter of 2009. Exports of goods decreased by 2.3% while exports of services by 7%.
As regards the production approach of GDP, total gross value added decreased by 6.3% in comparison with the 2nd quarter of 2009 and by 3.9% in comparison with the previous quarter.
Increase in gross value added was recorded only in agriculture, forestry and fishing industry by 1.9%.
On the other hand, the gross value added decreased in the other industries: manufacturing, mining, electricity, gas and water supply industry by 6.6%, construction industry by 24.7%, trade, hotels-restaurants, transport and communication industry by 10.8%, financial, real estate, renting and business activities industry by 2.7% and in other service activities industry by 1.2%.
Compensation of employees, at current prices, decreased by 3.9% in comparison with the 2nd quarter of 2009.