Greece’s Economy Surpasses Eurozone Peers

(GREEK NEWS AGENDA)   Greece’s economic growth slowed to 3.1% year-on-year in the third quarter, showing it was braving the global slowdown better than most of its euro zone peers thanks to continuing domestic consumption, data showed on Friday. While the euro zone slipped into recession, Greece’s economy grew by 0.5% quarter-on-quarter according to available data. Eurostat said the Greek economy grew by 3.1% in the third quarter, in a report published on Friday. GDP growth in the Eurozone was 0.7%, while in the EU-27 growth was 0.8% and in the US GDP growth was 0.8%. Slovakia (7.1%), Czech Republic (4.7%) and Cyprus (3.5%) recorded the highest growth rates, while Latvia (-4.2%), Estonia (-3.3%) and Italy (-0.9%) recorded negative growth rates. Economic growth in Greece was up 0.5% in the third quarter, compared with the second quarter, while in the Eurozone and the EU-27 growth rates fell by 0.2%, respectively. Meanwhile, the National Statistics Service (NSS) reported that economic activity in the July-September period was characterised by a decline in investments and mainly by a drop in building activity. Consumer spending growth also eased, while imports also fell.   The NSS said the Gross Domestic Product (GDP) grew by 3.1% in the third quarter compared with the same period last year, after a 3.6% growth rate in the second quarter and a 3.2% growth rate in the first quarter of the year. Eurostat News Release – Euroindicators: Euro area and EU 27 down by 0.2% (14.11.2008)  Forbes: Greece growth slows but outpaces most euro zone peers (14.11.2008); Athens News Agency: Greek economy grew by 3.1 pct; Secretariat General of Information: World Media on Greece – Politics, Business and Current Affairs: Greek economy grows by 3.1% in third quarter  Ministry of Economy and Finance: Economic Data and Reports