Greece’s GDP decreased by 0.2 percent in the first quarter 2015 in relation to Q4 2014, according to figures released by the semi-autonomous EL.STAT statistical service. Nevertheless, GDP was up 0.3 percent on an annualized basis, compared with the same quarter of 2014.

A snap election and … three months of inconclusive negotiations/talks/deliberations with Eurozone partners-cum-creditors have taken their toll on the fragile Greek economy.

Meanwhile, the Greek state budget recorded a deficit of 508 million euros in the January-April period of 2015, down from a shortfall of 1.14 billion euros in the corresponding period in 2014 and a budget target for a deficit of 2.918 billion, according to official figures.

Of course, the figures do not report the outstanding debts not paid by the Greek state during the same period that may affect the level of the primary budget deficit or surplus.

Meanwhile, Bloomberg on Wednesday quoted London-based fixed-income strategist Michael Michaelides as saying that the “Greek GDP numbers are not disastrous, but the more timely indicators deteriorated much more rapidly since March … So we would expect the full costs of the impasse to be reflected in the second-quarter numbers.”

Bloomberg adds that leftist Greek PM Alexis Tsipras must meet conditions set institutional creditors, as well as raise at least 3 billion euros to meet minimum budget targets acceptable by the latter. The news service quotes what it describes as an “official with knowledge of the discussions”.