Greek econ­omy shrinks 0.6 pct in fourth quar­ter

The Pak Banker - - MARKETS/SPORTS -

ATHENS: Greece's econ­omy con­tracted by 0.6 per­cent in last year's fi­nal quar­ter, flash es­ti­mates by Euro­stat showed on Fri­day, as fis­cal aus­ter­ity and cap­i­tal con­trols con­tin­ued to weigh on in­vest­ment, ex­ports and con­sumer spend­ing. The de­cline in gross do­mes­tic prod­uct from Oc­to­ber to De­cem­ber, based on sea­son­ally ad­justed data, was smaller than mar­ket ex­pec­ta­tions. Econ­o­mists polled by Reuters were fore­cast­ing a 0.9 per­cent con­trac­tion quar­ter-on-quar­ter. A pre­vi­ously re­ported 0.9 per­cent con­trac­tion in the third quar­ter was down­wardly re­vised to -1.4 per­cent. The data showed the 173 bil­lion euro econ­omy shrank at an an­nual 1.9 per­cent pace in the fourth quar­ter, un­changed from the third quar­ter where the con­trac­tion was re­vised to -1.9 per­cent from -1.1 per­cent. Econ­o­mists were ex­pect­ing a yearly con­trac­tion of 1.5 per­cent in the last quar­ter of 2015.

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