Greece stuck in recession in 2016: Elstat revision

18 October 2017
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Greece’s economy remained in recession last year, according to figures published Tuesday which revised downward a previous estimate that had indicated the economy was stagnant.

Based on seasonally unadjusted data, gross domestic product decreased by 0.2% in 2016, according to the second estimate for the full year from Greece’s statistics service Elstat.

Elstat’s figures indicated that household consumption had been lower than initially estimated.

The troubled economy, which has been in recession for most of the past decade, is expected to grow by 1.8% in 2017, according to the government’s budget figures. Greece sees 2.4% growth in 2018 and 2.6% in 2019.

The economy grew in the first two quarters of 2017 and is seen by Greece and its creditors as accelerating in the second half of the year, boosted by a record tourism season.

The Greek GDP has shrunk by more than a quarter since the country entered recession in 2008, while unemployment reached a peak of 27.5%.

Source: MarketWatch

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