Greek economy shrinks 0.4 pct q/q in first quarter

15 May 2016
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May 13 Greece’s economy contracted by 0.4 percent in the first quarter compared to the last three months of 2015, a flash estimate by the country’s statistics service ELSTAT showed on Friday.

The flash quarter-on-quarter GDP reading was in line with market forecasts. Economists polled by Reuters were expecting a 0.5 percent decline in gross domestic product.

The data showed the economy shrank at an annual 1.3 percent pace from January to March, at a faster clip from a 0.8 percent decline in last year’s final quarter.

Its performance was in line with market expectations of a 1.3 percent contraction. ***************************************************************

KEY FIGURES Q1 2016 Q4 2015 Q3 2015 Q2 2015

GDP (q/q, pct) -0.4 +0.1 -1.2 0.3

GDP (y/y, pct) -1.3 -0.8 -1.7 0.9 —————————————————————

source: ELSTAT

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