The Greek economy contracted by 0.7 pct on average in 2015, Hellenic Statistical Authority (ELSTAT) said in its first estimate for the country’s Gross Domestic Product in the fourth quarter last year.
The Greek budget envisaged a zero change in GDP last year and a 0.7 pct contraction this year, while the Bank of Greece estimated a 0.5 pct contraction in 2015
Greek GDP fell by 0.6% in the last three months of 2015. That follows a 1.4% slump in output in the third quarter, and wipes out growth of 0.2% in April-June.
Official data shows that the GDP decreased by 1.9% in comparison with the 4th quarter of 2014. That’s a serious slump, showing the damage suffered by Greece during the long standoff between Athens and its creditors last year.
Latest flash estimates
ELSTAT has published its latest flash estimates on the gross domestic product (GDP) for the final quarter of 2015.
Greek companies have been warning for months that capital controls are hurting them badly, and these figures appear to back that up.
More analytically, the Greek GDP grew 0.3 pct in the first quarter, it grew by 0.8 pct in the second quarter, it shrank by 1.9 pct in the third quarter and contracted by 1.9 pct in the fourth quarter.
According to non-seasonally adjusted data, the GDP fell by 2.0 pct in the fourth quarter of 2015 compared with the same period in 2014.
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