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Greece Economy Grows Faster Than Uk

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Greece Economy Grows Faster Than UK

Portugal has slipped back into recession as Greece''s economy overtakes the UK, according to the latest GDP figures.

In the first three months of 2011, Portugal saw a 0.7% reduction in GDP, following a 0.6% drop in the last quarter of 2010.

It comes a week after Portugal reached a deal with the European Union and the IMF over a 78bn euro bailout.

However, Greece saw a GDP growth of 0.8% to emerge from recession - even more than the UK, which saw a 0.5% rise over the period.

Greece is widely expected to need more financial help, beyond the £95bn bailout that saved it from bankruptcy last year.

As a whole, the Eurozone saw GDP rise by 0.8%.

Germany was the star performer, with growth of 1.5%.

Austria, France and Slovakia announced growth of 1% in the same period.

The Netherlands saw growth of 0.9%, while Spain lagged behind, with just a 0.3% rise reported.

Italy reported just a 0.1% rise in growth in the period.

Last month, the Italian government cut its growth forecast for the whole of 2011 from 1.3% to 1.1%.

The rise in Spain's growth rate to 0.3% from 0.2% in the previous quarter is more encouraging as the country tries to avoid a third consecutive year of contracting GDP.

Howard Archer, chief UK and European economist at IHS Global Insight, said: "There was always going to be a decent spike up in growth in the first quarter after economic activity was held back in many countries in the fourth quarter of 2010 by December's severe weather but Eurozone GDP expansion of 0.8% quarter-on-quarter was above the consensus (and our own forecast) of a 0.6% rise,".

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The growth figures coming out of China are probably more reliable than the figures being given for the Eurozone.

The whole Euro project is built on lies and fraud.

:blink:

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Right so Greece grows 0.8%?

Yet Greek tax revenue across q1 is significantly lower than q1 2010

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201105101128dowjonesdjonline000229&title=greek-jan-april-budget-deficit-widens-but-within-target

Unemployment is also up 1%+ from Q4 (To feb)

http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=9919272&maindocimg=9070272&service=102

Amazing how the Greek economy can grow whilst there are less people employed and tax revenue is falling. Some kind of magic miracle economy? Prehaps they should call Gordon Brown?

Similar situation to Spain, unemployment rises from 7% to 21% yet output barely drops, Tax revenue % of GDP goes from 41% to 35%, we are expected to believe that tax revenue fell off a cliff but output did not. How were 14% of the workforce not adding to output, what were they doing all day? Magic economy part 2?

This figures are clearly fixed to prevent the meltdown that would take place if the real GDP figures were released.

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How come the Greek economy managed to grow at EXACTLY the same rate as the Eurozone average?

It's as if someone thought if it grew less than the average market confidence would be undermined further

But if it grew more than the average the market would consider the figure too good to be true.

Any figures coming out of the Eurozone aren't worth the paper they are printed on IMO.

:blink:

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No, after reading all the negative reports on the Eurozone in the honest and accurate British press, it simply cannot be true that their economies may be doing better than ours. They must all be lying. It's the only possible explanation! And, of course, it is but a matter of time until the euro fails. Just have to wait a bit longer...

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No, after reading all the negative reports on the Eurozone in the honest and accurate British press, it simply cannot be true that their economies may be doing better than ours. They must all be lying. It's the only possible explanation! And, of course, it is but a matter of time until the euro fails. Just have to wait a bit longer...

Yes - because our economic model of borrowing ever greater sums to buy piles of bricks from one another is far ahead of that high-tech manufacturing rubbish Germany relies on.

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No, after reading all the negative reports on the Eurozone in the honest and accurate British press, it simply cannot be true that their economies may be doing better than ours. They must all be lying. It's the only possible explanation! And, of course, it is but a matter of time until the euro fails. Just have to wait a bit longer...

For every Euro borrowed by the respective governments, there is a Euro added to GDP.

I think that may be a clue.

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No, after reading all the negative reports on the Eurozone in the honest and accurate British press, it simply cannot be true that their economies may be doing better than ours. They must all be lying. It's the only possible explanation! And, of course, it is but a matter of time until the euro fails. Just have to wait a bit longer...

It is a fact that many countries lied in order to meet the criteria to join the Euro.

It is also a fact that many lied in order to cover up the fact that they were in financial difficulties after joining the Euro.

It is a fact that countries lied about needing a bail-out

And they are now lying about debt restructuring.

Personally, I don't see much evidence of the truth being told during any stage of this process.

:blink:

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Right so Greece grows 0.8%?

Yet Greek tax revenue across q1 is significantly lower than q1 2010

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201105101128dowjonesdjonline000229&title=greek-jan-april-budget-deficit-widens-but-within-target

Unemployment is also up 1%+ from Q4 (To feb)

http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=9919272&maindocimg=9070272&service=102

Amazing how the Greek economy can grow whilst there are less people employed and tax revenue is falling. Some kind of magic miracle economy? Prehaps they should call Gordon Brown?

Similar situation to Spain, unemployment rises from 7% to 21% yet output barely drops, Tax revenue % of GDP goes from 41% to 35%, we are expected to believe that tax revenue fell off a cliff but output did not. How were 14% of the workforce not adding to output, what were they doing all day? Magic economy part 2?

This figures are clearly fixed to prevent the meltdown that would take place if the real GDP figures were released.

Or maybe - when you are working cash in hand and stop paying your taxes you can do something productive with the money and your time instead?

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Greece has the most feta'd if that's any help.

:P

its O'live!

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It is a fact that many countries lied in order to meet the criteria to join the Euro.

It is also a fact that many lied in order to cover up the fact that they were in financial difficulties after joining the Euro.

It is a fact that countries lied about needing a bail-out

And they are now lying about debt restructuring.

Personally, I don't see much evidence of the truth being told during any stage of this process.

:blink:

with so much factual statements i trust you can produce all the evidence we need to verify such facts?

more seriously, you seem to think that because the receipts have reduced (due to unemployment etc.) then GDP can't possibly have improved but you seem to ignore the fact that unlike in the UK the Greeks and others in the EU actually are in austerity mode with public sector workers having received a 25% pay cuts, i.e. 25% off a very significant outgoing, as well as some pretty dramatic reductions in pension etc.; I see no contradiction that despite a 1% increase in unemployment GDP has gone UP (edit). In the face of the cuts I am in fact surprise GDP has not gone up more...

but you've got all these facts as well anyway!

Edited by frenchy

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How come the Greek economy managed to grow at EXACTLY the same rate as the Eurozone average?

Because it's funny Friday?

And from the Juncker school of politics, we know it's OK to tell porkies to save <cough>your own ass<cough> the system.

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with so much factual statements i trust you can produce all the evidence we need to verify such facts?

more seriously, you seem to think that because the receipts have reduced (due to unemployment etc.) then GDP can't possibly have improved but you seem to ignore the fact that unlike in the UK the Greeks and others in the EU actually are in austerity mode with public sector workers having received a 25% pay cuts, i.e. 25% off a very significant outgoing, as well as some pretty dramatic reductions in pension etc.; I see no contradiction that despite a 1% increase in unemployment GDP has gone UP (edit). In the face of the cuts I am in fact surprise GDP has not gone up more...

but you've got all these facts as well anyway!

Im sorry, but decreased Government spending sends GDP DOWN 1 euro for every euro not spent or "austeritied" by government.

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Nice and contradictory information here as well released today:

-Greece's economy is expected to contract more than previously expected this year, the European Commission said Friday, while it warned that the country's budget deficit would be sharply higher than government targets.

According to the European Union's 2011 spring forecast, the Greek economy will shrink 3.5% this year, against a forecast of minus 3.0% from just two months earlier as unemployment soars and austerity measures weigh on consumer demand.

The report also said that Greece's budget deficit would hit 9.5% of GDP in 2011, more than two percentage points above the 7.4% goal set out in this year's budget.

http://online.wsj.com/article/BT-CO-20110513-708510.html

Also the Spanish figure of 0.3% was apparently based on "Exports". This would seem to ignore the fact the Spanish trade balance has deteriorated v Q4 due to oil imports / high oil price.

Makes me wonder if the whole GDP charade will collapse soon.

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with so much factual statements i trust you can produce all the evidence we need to verify such facts?

more seriously, you seem to think that because the receipts have reduced (due to unemployment etc.) then GDP can't possibly have improved but you seem to ignore the fact that unlike in the UK the Greeks and others in the EU actually are in austerity mode with public sector workers having received a 25% pay cuts, i.e. 25% off a very significant outgoing, as well as some pretty dramatic reductions in pension etc.; I see no contradiction that despite a 1% increase in unemployment GDP has gone UP (edit). In the face of the cuts I am in fact surprise GDP has not gone up more...

but you've got all these facts as well anyway!

When the Greek government took over they pubicly announced that the previous administration had been lying.

Also their own denials that they would need a bail out were lies.

And the denial that there was going to be a meeting about a further bail out was also shown to be a lie.

Have I got my facts wrong then?

:blink:

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I did spot this interesting comment in the Daily Telegraph.

Care is required with these Greek numbers. I follow Greece closely on my blog and there have been many occassions where Greece has provided misleading numbers which need correction and later revision.

The economic growth of 0.8 % goes with the following latest numbers. Industrial production is down 8% on last year and retail sales are down 9% whilst building activity is down 73%!

Unhappy bedfellows you might say...

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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