Eurostat: Greece Is the Only EU Country in Economic Recession

Tuesday, March 7th, 2017
Last Update: 18:38

Greece was the only country in the European Union in economic recession over the fourth quarter of 2016.

The performance of the Greek economy over the past three months of 2016 are reflected in Eurostat‘s chart with the data of the statistical principles adopted by other countries, which vividly exhibits the downward trajectory of GDP.

According to aggregate data by Eurostat published today, a total of 28 EU Member States achieved positive growth in late 2016 on a quarterly basis and on an annual basis. Three countries, Ireland, Luxembourg and Malta, have not yet publish their data while the GDP of Finland remains stable.

Greece was the only country that was in negative territory, with GDP declining by 1.1% compared with the last quarter of 2015 and by 1.2% compared to the third quarter of 2016. Combined, the eurozone continued steady recovery, with the economy growing by 1.7% year on year and 0.4% on a quarterly basis. Messages were positive in the eurozone core.

Germany grew by 1.8% and France by 1.2%, while the third largest economy of the euro, Italy, increasing by 1%. Impressive was the growth of Spain as it reached 3%.

The fourth quarter of 2016 compared with the previous quarter is as follows:

Greece -1.2%

Croatia 0.6%

Italy 0.2%

Latvia 1.1%

Lithuania 1,4%

Austria 0.6%

Poland 1.7%

Romania 1,3%

United Kingdom 0.7%

Slovakia 0.8%

Portugal 0.6%

Sweden 1%

Belgium, Cyprus, Netherlands 0.5%

Bulgaria 0.9%

Czech Republic, Germany, France, Hungary 0.4

Denmark 0.2%

Estonia 1.9%

Spain 0.7%

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