The Greek economy has contracted by half a percentage point (0.5%) in the first quarter of 2017, according to the official data released by Greek Statistical Services (ELSTAT). Prolonged uncertainty regarding the outcome of the second review of the Greek bailout program meant the economy continued its downward trend in the new year, falling by 0.1% compared to the last quarter of 2016. Although the data is provisional, and is expected to be revised on June 2 when the new estimate by ELSTAT will be given based on more complete factors, the figures are indicative of the negative impact the impasse in talks with the European institutions and the IMF had on the Greek economy. ELSTAT’s announcement comes on the heels of the Greek government’s downward revision of growth for 2017 in an interim draft bill submitted in parliament from 2.7% to 1.8% of GDP.
ELSTAT releases data