Wednesday 20 September 2017

Greece economic contraction worse than predicted

The figures come as Greece continues bailout talks with creditors (AP)
The figures come as Greece continues bailout talks with creditors (AP)

As Greece's bailout talks with creditors enter a second week, the country's economy contracted more in the last quarter of 2016 than initially estimated, figures show.

The Greek statistical authority said output declined by 1.2% in October-December, compared with the previous quarter. The earlier estimate was for a 0.4% contraction.

The authority said the revision was due to new data not available when the previous estimate was made.

The fourth quarter's sharp decline followed modest growth of 0.3% and 0.6% in the second and third quarters.

Greece's left-led government under Alexis Tsipras is locked in negotiations with bailout creditors in Athens over further budget cuts and reforms required for the release of a new rescue loan instalment.

Press Association

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