European Economic News

Greece Q4 GDP Decline More Severe Than Estimated

Greece's economy contracted more severely in the fourth quarter of 2016, than estimated earlier, latest data from the Hellenic Statistical Authority showed Monday.

Gross domestic product declined a seasonally-and-calendar adjusted 1.2 percent from the previous three months, which was more-than-double the 0.4 percent fall estimated in the initial report on February 14.

The latest contraction was the sharpest since the third quarter of 2015, when the Greek economy shrunk 1.7 percent.

Third quarter growth was revised down to 0.6 percent from 0.9 percent.

The year-on-year growth was revised to show a decline of 1.1 percent versus a 0.3 percent gain reported earlier.

The annual growth figure for the third quarter was revised to 2 percent from 2.2 percent.

On a non-seasonally adjusted basis, GDP fell 1.4 percent, in contrast to the 0.2 percent increase estimated earlier.

The third quarter growth figure was revised to 2.1 percent from 2.2 percent.

by RTTNews Staff Writer

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