Greece’s Economy Contracts 0.4% in Fourth Quarter

Tuesday, February 14th, 2017
Last Update: 17:23

Greece’s economy contracted in the fourth quarter of 2016, according to a Hellenic Statistical Authority (ELSTAT) report released on Tuesday.

Gross domestic product declined 0.4 percent in the October-November period, compared to the previous quarter. However, it grew 0.3 percent in comparison with the same quarter in 2015, ELSTAT said.

The figures followed two straight quarters of quarter-on-quarter growth after a period of recession.

The drop is attributed to the prolonged negotiations between Greece and creditors over the progress of the bailout program. Athens appears determined to not accept further fiscal measures proposed by creditors.

The stalemate in negotiations has caused fears of a new debt crisis and Greece’s exit from the euro zone.

European Commissioner on financial affairs Pierre Moscovici is due to arrive in Athens on Wednesday in an effort to unblock talks between the two sides. He will be meeting with Greek Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos.

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