Eurostat: Greek GDP contracted 1.2 pct on quarterly basis, 1.1 pct yr/yr in Q4 2016

Greece’s GDP contracted at rate of 1.2 pct in the 4th quarter of 2016 relative to the 3rd quarter of the same year and 1.1 pct in relation to the 4th quarter of 2015, according to figures released by Eurostat on Tuesday.

In the same period, the Eurozone’s total GDP increased 0.4 pct relative to the 3rd quarter of 2016 and 1.7 pct relative to the 4th quarter of 2015. For the 28 European Union countries as a whole, the increase relative to the 3rd quarter 2016 was 0.5 pct and the increase on an annual basis was 1.9 pct.

The increase was driven mainly by higher consumer spending.

Greece was the only EU country to experience recession in that period.