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Greece Focus Notes

15 March 2012
• Q4-2011 provisional GDP data: Non-seasonally adjusted real GDP declines by -7.5%YoY, following -5.0%YoY contraction in the prior quarter
• EC’s 2nd Adjustment Programme for Greece: 2012 real GDP is expected at -4.8% with risks on the downside, stagnation for 2013 and positive growth postponed for 2014• General Government Fiscal Deficit for December 2011 at €24.89 bn undershoots the 2012 Budget deficit target; arrears at €5.73 bn, down by €0.93 bn from the respective November 2011 reading
• Budget execution data for January 2012 undershoot the 1-month target for 2011; upward risks remain due to general government developments
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