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UPDATE 1-Suffering Greece's economy shrank again at end of last year

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(Globalpost/GlobalPost)

* Q4 GDP shrinks 5.7 pct, less than previous flash estimate * Slump in consumption continues, imports fall * GDP seen contracting by 4.5 pct this year ATHENS, March 11 (Reuters) - Greece's economy shrank at an annual 5.7 percent in the last quarter of 2012, combining for a 20 percent slump in real terms since 2008. It would have been worse but for a 17.5 percent drop in the country's fourth quarter trade gap, the country's statistics service ELSTAT said on Monday The revised gross domestic product data showed a slightly a milder contraction than a 6 percent flash estimate made in February, but Greece is still expected to contract for a sixth straight year this year, The government and the central bank both project a 4.5 percent 2013 contraction. "The preliminary data confirmed the continuing contraction of domestic demand, with lower imports providing a positive influence," said Eurobank economist Platon Monokroussos. Consumption, the main driver behind Greece's gross domestic product (GDP), fell 9 percent year-on-year, continuing to weigh on output. Gross capital investment fell 10.3 percent in the fourth quarter, its rate of decline slowing compared to previous quarters. The latest figures bring the full-year 2012 contraction to 6.4 percent, broadly in line with government projections. ************************************************************ KEY FIGURES Q4 2012 Q3 2012 Q2 2012 Q1 2012 GDP (y/y, pct) -5.7 -6.7 -6.4 -6.7 ----------------------------------------------------- source: ELSTAT

http://www.globalpost.com/dispatch/news/thomson-reuters/130311/update-1-suffering-greeces-economy-shrank-again-at-end-last-yea