Hellenic Statistical Authority: Greek economy shrank 0.5 pct in the first quarter of 2017

Greek economy shrank in the first quarter of 2017, with the country’s Gross Domestic Product (GDP) falling 0.5 pct in the January-March period compared with the same period in 2016, while on a quarterly basis the GDP fell 0.1 pct compared with the fourth quarter of 2016.

Hellenic Statistical Authority, in its first estimates on quarterly national accounts, said that according to non-seasonally corrected data, the Greek GDPfell 0.3 pct in the first quarter compared with the same period in 2016.

The statistics service will release its provisional GDP data in June 2, based on updated primary data.

According to a Medium-term Framework program, the Greek economy is projected to rise by 1.8 pct this year, from a 2.7 pct estimate of the stata budget and a 2.1 pct growth estimate of the European Commission.