European Economic News

Greece GDP Contracts More Than Estimated In Q1

The Greece economy contracted more than initially estimated in the three months ended March, latest figures from the Hellenic Statistical Authority showed Monday.

Gross domestic product fell a seasonally adjusted 0.5 percent quarterly in the first quarter instead of 0.4 percent fall estimated on May 13.

In the fourth quarter of 2015, the economy expanded slightly by 0.1 percent.

On the expenditure side, final consumption expenditure declined 0.5 percent over the quarter and gross fixed capital formation slid by 6.8 percent.

Both exports and imports of goods and services dropped by 3.3 percent and 0.3 percent, respectively.

On an annual basis, GDP fell 1.4 percent in the March quarter, corrected from a 1.3 percent decrease in the preliminary report, following a 0.9 percent fall in the previous quarter. It was the third consecutive quarterly fall.

Similarly, the economy contracted an unadjusted 1.3 percent annually in the first quarter, faster than the 0.7 percent decline in the prior three-month period.

by RTTNews Staff Writer

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