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Eurostat data shows Greek economy contracts

One more blow to Greek PM’s growth narrative

The European Statistical Body (Eurostat) revealed that Greece was the only EU country with negative growth, while the GDP had contracted by 1.2% in the 4th quarter. The data is second blow in just two days of the Greek PΜ Alexis Tsipras’s “growth narrative” during an address of his party members, Monday. The Greek Statistical Services (ELSTAT) had released an equally bleak outlook on the Greek economy. The Eurostat report, made public on Tuesday showed that Greece was in the worst spot among the EU28 member-states. The data showed growth rate in the Eurozone remained unchanged at 0.4% over the 3 quarter of 2016, while it GDP went up by 1.7% on an annual basis compared to the 3rd quarter. For the EU28 growth stood at 0.5% on a 3-monthly basis and at 1.9% at annually. It should be noted the Eurostat data is based on the national data provided by EU member-states.