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

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Greek PM: Growth Secured

(GREEK NEWS AGENDA)   Attending the extraordinary summit of Euro zone leaders yesterday in Paris, called by EU’s French presidency, Karamanlis hailed the EU leaders’ decision to give full support over a coordinated response to the economic slowdown. Speaking to the press, Karamanlis reaffirmed Greece’s immediate response to the financial turmoil which managed to “exhibit reflexes that were much better than many other countries around the world.” Moreover, Karamanlis appeared reassuring, noting that the International Monetary Fund (IMF) continues to foresee growth in Greece at 2%, when zero growth is projected for the rest of the Euro zone countries. At the World Bank Group and IMF’s annual meeting, Finance Minister Giorgos Alogoskoufis is expected to address the organisation’s plenary session. Alogoskoufis has already met during the weekend with World Bank officials as well as senior executives of international financial institutions. Athens News Agency: FinMin in Washington & PM satisfied with Eurozone summit European Commission: Economic & Monetary Union & Stability and Growth Pact; International Monetary Fund: IMF Welcomes Euro Zone Plan to Combat Crisis & World Economic Outlook, (October 2008); Ministry of Economy and Finance: The Greek Economy at a Glance (October 2008); Greek News Agenda: Bank of Greece: Banking System Safe