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Greece: economic growth slows in second quarter

Gross fixed capital formation fell 5.3 percent year-on-year

05 September, 12:11
(ANSA) - UDINE, SEPTEMBER 5 - Greece's economy expanded for a sixth straight quarter in the April-to-June period but at a slower pace than the quarter before, mainly because of base effects and weak investment spending, statistics service (ELSTAT) data show as Ekhathimerini reports.

Seasonally adjusted data showed gross domestic product grew 0.2 percent in the second quarter compared with an upwardly revised 0.9 percent in January-to-March.

On an annual basis, Greece's economic expansion decelerated to 1.8 percent in the second quarter from an upwardly revised 2.5 percent in the first quarter.

The data showed that gross fixed capital formation fell 5.3 percent year-on-year in the second quarter, a smaller decline than in the first quarter. On an annual basis, export grew 9.5 percent, outpacing a 4.2 percent rise in imports.

The latest EU Commission forecast sees Greece's economy expanding by 1.9 percent in 2018. The International Monetary Fund projects growth of 2.0 percent. (ANSA).

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