The Greek economy grew by 0.3 pct in the fourth quarter of 2008, compared with the third quarter of the year, Eurostat said on Tuesday. The EU executive’s statistical agency, in a report said the Eurozone economy shrank by 1.6 pct in the October-December period, while the EU-27 economy also fell into recession (-1.5 pct).

Besides Greece, Slovakia (2.1 pct), Cyprus (0.6 pct) and Poland (0.3 pct) were the only EU member-states to record positive growth rates in the fourth quarter of 2008, with all other members (excluding Luxembourg, Bulgaria and Romania for which there were no figures available) recording negative growth rates, led by Ireland (-7.1 pct), Estonia (-4.3 pct), Slovenia (-4.1 pct) and Latvia (-3.9 pct).

Greek economic growth rate was 2.4 pct last year, while the EU-27 and the Eurozone recorded negative growth rates (-1.4 pct and -1.5 pct, respectively).

 

source: www.stockwatch.com.cy (published 08/04/2009)