Greece: Economy contracts at softest pace in more than five years
May 15, 2014
In the first quarter, the economy contracted 1.1% over the same period last year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 15 May. The decline marked the softest contraction since Q3 2008 and represented an improvement over the 2.3% decrease recorded in the previous quarter. In addition, the result came in above the 1.3% contraction the market had expected.
The statistics agency will release more detailed data on 6 June, although it has not made seasonally-adjusted figures available since Q1 2011 due to methodological issues.
Author: Dirina Mançellari, Senior Economist