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Financial News: Greece Economy Contracts In Q4

Greece Economy Contracts In Q4

03/06/2020 - 07:00:00 (RTTNews)

(RTTNews) - Greece's economy contracted for the first time in six quarters at the end of 2019, data from the Hellenic Statistical Authority showed on Friday.

Gross domestic product fell 0.7 percent sequentially in the fourth quarter, in contrast to a revised increase of 0.4 percent in the third quarter.

Annual growth in GDP, adjusted for seasonal and calendar effects, decelerated to 1 percent from 2.3 percent.

On an unadjusted basis, GDP climbed 0.5 percent annually, which was much slower than the 3 percent expansion seen in the third quarter. The expenditure-side breakdown of GDP showed that final consumption expenditure climbed 0.4 percent and gross fixed capital formation advanced 6.7 percent sequentially.

However, exports of goods and services declined 3.5 percent and imports slid 5 percent in the fourth quarter.

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