Greece GDP Q1 2016


Greece's economy starts year on negative note

Greece’s crisis-hit economy continues to show no signs of improving and deteriorated in the first quarter of the year. According to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 13 May, GDP fell 1.2% in Q1 over the same period last year. The result marks a deterioration from the revised 0.7% fall recorded in Q4.

On a quarterly basis, GDP contracted 0.4% in Q1 2016 in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in Q4. The result was broadly in line with market analysts’ expectations. The statistical institute will release more detailed data on 30 May.

FocusEconomics Consensus Forecast panelists see the economy falling 0.6% in 2016, which is unchanged over last month’s forecast. For 2017, the panel expects GDP to expand 1.5%.

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