Greek Economy Grew in 2008

(THE GREEK NEWS AGENDA)  The Greek economy grew by 3.0% in 2008, down from 4.0% in 2007, according to provisional figures published by the National Statistics Service on Friday (13.2.2009). In its report, the statistics service said that the economic growth rate in the fourth quarter of 2008 was 2.6%, down from 2.9% in the previous quarter, while on a quarterly base, the economic growth rate in the October-December period was 0.3%, slightly lower than 0.5% in the third quarter. The statistical service attributed the slowdown in the growth rate to a significant decline in investments, mainly because of a major decrease in building activity in the country, while consumption fell strongly as a result of limited credit expansion to households. The finance ministry, in an updated Stability and Growth programme [PDF] submitted to the European Union, envisages a growth rate of National Statistics Service1.1% this year. Furthermore, the European agency Eurostat also said on Friday that the Greek economy grew by 2.6% in the fourth quarter of 2008. It reported that Greece, Slovakia (2.7 pct), Czech Republic (1.0 pct) and Austria (0.5 pct) were the only EU member-states with positive growth rates.  Eurostat: News Release – Euroindicators  (13.2.2009)