Decrease of Gross Domestic Product by 4.6% the 3rd Quarter of 2010

The Hellenic Statistical Authority announces the Gross Domestic Product for the 3rd quarter of 2010. Available data indicate that in the 3rd quarter of 2010, the Gross Domestic Product (GDP) decreased by 4.6% in comparison with the 3rd quarter of 2009 and by 1.3% in comparison with the 2nd quarter of 2010. As already reported, the GDP rate of change between the quarters of 2009 and 2010 should be treated with caution, due to the discontinuity of General Government data series. This issue will be addressed by the end of the year, with the backwards revision of General Government data.

Gross fixed capital formation (GFCF) decreased by 20.0% in comparison with the 3rd quarter of 2009. By asset, GFCF in dwellings decreased by 17.1%, in other construction by 10.4%, in other machinery and equipment by 25.4% and in transport equipment by 33.2%. Total final consumption expenditure recorded a decrease of 5.5% in comparison with the 3rd quarter of 2009. General government consumption decreased by 4.7%, while private consumption recorded a decrease of 5.8%. External trade deficit decreased by 42.2%, contributing positively to the GDP percent change.Imports decreased by 17.8% in comparison with the 3rd quarter of 2009. Imports of goods decreased by 22.2% while imports of services increased by 0.7%.

Exports decreased by 1.1% in comparison with the 3rd quarter of 2009. Exports of goods decreased by 2.6% while exports of services marginally increased by 0.04%. As regards the production approach of GDP, total gross value added decreased by 6.3% in comparison with the 3rd quarter of 2009 and by 0.2% in comparison with the previous quarter.

Increase in gross value added was recorded only in agriculture, forestry and fishing industry by 2.8%. On the other hand, the gross value added decreased in the other industries: manufacturing, mining, electricity, gas and water supply industry by 7.0%, construction industry by 13.8%, trade, hotels-restaurants, transport and communication industry by 11.9%, financial, real estate, renting and business activities industry by 2.2% and in other service activities industry by 1.7%.Compensation of employees, at current prices, decreased by 6.1% in comparison with the 3rd quarter of 2009. 

News source: Hellenic Statistical Authority link: publication

 

Industrial production down by 0.9% in euro area Down by 0.5% in EU27

In September 2010 compared with August 2010, seasonally adjusted industrial production fell by 0.9% in the euro area (EA16) and by 0.5% in the EU272. In August 20103 production rose by 1.1% and 0.9% respectively. In September 2010 compared with September 2009, industrial production increased by 5.2% in the euro area and by 5.8% in the EU27.

In September 2010 compared with August 2010, production of non-durable consumer goods fell by 0.6% in the euro area and by 0.3% in the EU27. Production of energy declined by 0.9% and 0.7% respectively. Intermediate goods decreased by 1.3% in the euro area and by 0.7% in the EU27. Capital goods dropped by 1.3% and 0.8% respectively. Durable consumer goods fell by 3.0% in the euro area and by 2.5% in the EU27. Among the Member States for which data are available, industrial production rose in ten, fell in ten and remained stable in France. The highest increases were registered in Ireland (+7.9%), Estonia (+3.6%) and Denmark (+2.7%), and the most significant decreases in Malta (-5.6%), Greece (-5.4%) and Portugal (-4.7%).

In September 2010 compared with September 2009, production of capital goods grew by 7.5% in the euro area and by 8.7% in the EU27. Intermediate goods increased by 6.8% and 7.5% respectively. Production of energy rose by 1.8% in the euro area and by 0.8% in the EU27. Non-durable consumer goods gained 1.6% and 2.5% respectively. Durable consumer goods fell by 0.2% in the euro area, but increased by 2.2% in the EU27. Industrial production rose in all Member States for which data are available, except Greece (-7.6%), Portugal (-2.4%) and Spain (-1.4%). The highest increases were registered in Estonia (+31.1%), Latvia (+19.0%), the Czech Republic (+12.2%), Poland (+12.1%) and Ireland (+10.9%).

News source: Eurostat link: article

Euro area and EU27 GDP up by 0.4% +1.9% and +2.1% respectively compared with the third quarter of 2009

GDP increased by 0.4% in both the euro area1 (EA16) and the EU271 during the third quarter of 2010, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the second quarter of 2010, growth rates were +1.0% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.9% in the euro area and by 2.1% in the EU27 in the third quarter of 2010, after +1.9% and +2.0% respectively in the previous quarter.

During the third quarter of 2010, US GDP increased by 0.5% compared with the previous quarter, after +0.4% in the second quarter of 2010. US GDP rose by 3.1% compared with the same quarter of the previous year (+3.0% in the previous quarter).

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of third quarter 2010 GDP growth presented in this release is based on Member States’ data as available, directly covering 97% of EA16 GDP (91% of EU27 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003. Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 39 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 34 times. The value of the growth rate was correctly anticipated 34 times and differed by ±0.1 percentage points 5 times. With this flash estimate, euro area and EU GDP figures for earlier quarters are not revised, so the growth rates till the second quarter 2010, published in News Release 148/2010 of 6 October 2010, remain unchanged. All figures presented in this release are subject to further revision with the two regular estimates of GDP for the third quarter 2010, scheduled for 2 December 2010 and 7 January 2011. First estimates for National Accounts employment in the third quarter 2010 are scheduled for 15 December 2010.

News source: Eurostat link: publication

Labour force, Slovenia, June 2010

In June 2010 the registered unemployment rate did not change; it stood at 10.5%. The number of persons in employment increased by around 460.

 News feed: Statistical Office of the Republic of Slovenia Article: link