The Greek economy remained in recession for the second 6-month term of 2016 , according to the official data released by the Greek Statistical Services (ELSTAT). The report showed the Greek economy contorted by a further 0.7% compared top to 2015. A cause of optimism was the fact that there was a 0.3% rise in GDP during the second 3-month term of 2016 in comparison to the first three months of the year. ELSTAT revised its initial forecast for a recession of 1.3% to 0.8% for the first 3-month term of 2016.