European Economic News

Greece Economy Contracts For Second Straight Quarter

Greece's economy contracted for the second straight quarter at the start of 2017, flash data from the Hellenic Statistical Authority showed Monday.

Gross domestic product shrank 0.1 percent sequentially in the first quarter, but slower than the 1.2 percent decline registered a quarter ago.

On a yearly basis, GDP fell 0.5 percent after easing 1.1 percent in the fourth quarter.

The non-seasonally adjusted data showed that GDP decreased 0.3 percent from the previous year versus 1.4 percent decline in the fourth quarter.

The statistical office is slated to publish the revised data on June 2.

by RTTNews Staff Writer

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