Greek Economy Declines 1.1% in Fourth Quarter

Monday, March 6th, 2017
Last Update: 18:02

The Greek economy showed a significant drop of 1.1% compared to the same quarter in 2015, according to the Hellenic Statistical Authority (ELSTAT).

Although preliminary estimates for the last three months of 2016 spoke for 0.3% growth, the ELSTAT figures show a 1.1% drop compared to the fourth quarter in 2015 and 1.2% down from the third quarter in 2016.

The differences, as clarified, are due to the fact that in the latest results there are some  data that were available when the initial estimate was made. Specifically, the data not included were the December balance of payments and quarterly data such as turnover indexes in service sectors and labor force data.

It should be noted that in the third quarter of 2016, GDP had increased by 2% on an annual basis and 0.6% quarterly. The final figures for the performance of Greece’s economy will be completed in April.

The ELSTAT figures were released shortly after Greek Prime Minister Alexis Tsipras addressed his cabinet and spoke of growth in 2016.

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