First estimate of GDP for the year 2012: +0.3%

On Tuesday STATEC released the first estimate of Gross Domestic Product (GDP) for the fourth quarter of 2012 and for 2012 as a whole, as well as revised figures for previous quarters.

In the fourth quarter of 2012, GDP growth was +1.6% compared to the fourth quarter of 2011 and +1.6% to the previous quarter. Annual changes in real GDP for 2012 have been revised as follows: -0.5% instead of -0.1% for the third and +0.6% instead of +0.9% in the second quarter. Concerning the evolution of the first quarter of 2012, it remains unchanged: -0.3%.

The added value of financial and insurance assets decreased by 0.4% from the previous quarter. The evolution of the other branches in order of importance in GDP, is as follows:

• Public administration, education and health: +1.1%

• Trade, transportation, accommodation: +4.1%

• Business services: +2.1%

• Real estate: +1.3%

• Information and communication: +2.1%

• Industry, including energy and water supply: +1.7%

• Construction: +0.2%

Compared to the third quarter of 2012, the final consumption expenditure of households and non-profit institutions serving households increased on 1.9%. The increase in gross fixed capital was 17.7%. Exports rose by 2.5% and imports by 2.7%.

Across the EU, the unemployment rate was 10.9% in February 2013, an increase compared to January 2013 (10.8%). Greece still has the highest unemployment rate in the euro zone — 26.4%. Luxembourg — 5.5%.