Punishing recession extended in 2015, Greek economy shrank by 1.3%

14 October 2016
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Greece’s GDP shrank by 1.3 percent in 2015, the country’s statistical service announced on Friday, confirming the worst forecasts for a year that witnessed two general elections, a controversial referendum, a near “train crash” with Eurozone partners and capital controls.

The figure, in current prices, surpassed a negative forecast of -0.9 percent.

Domestic consumption fell 1.8 percent and general government consumption fell 2.2 percent.

The value of imported goods and services declined by 10.2 percent in 2015.

A recession will continue in 2016, with a 0.3-percent contraction predicted, with next year’s forecasts pointing to an economic recovery, with the most ambitious prediction coming from the IMF, which cited a figure of 2.8 percent of GDP.

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