Greece GDP Q1 2017


Greece: GDP shrinks in Q1

May 15, 2017

GDP figures from Greece’s crisis-hit economy show that the economy started the year on a sour note, as growth fails to emerge despite a number of economic reforms. According to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 15 May, GDP fell 0.3% in Q1 compared to the same period last year. The result notably undershot market analysts’ expectations and followed the notable 1.4% contraction tallied in Q4 2016, showing that the economy remains on a weak foundation despite a number of bailouts.

On a quarterly basis, the economy slipped back into technical recession. GDP contracted 0.1% in seasonally-adjusted terms, which followed the 1.2% decrease in Q4 2016. The flash GDP data did not include a breakdown by components, which will be released along with more complete GDP figures on 2 June.

The government projects that the economy will grow 1.8% this year. FocusEconomics Consensus Forecast panelists see the economy growing a more muted 1.0% in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects GDP to expand 1.9%.

Author: Angela Bouzanis, Senior Economist

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