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Financial News: Greece Enters Recession In Q1

Greece Enters Recession In Q1

06/04/2020 - 07:08:00 (RTTNews)

(RTTNews) - Greece's economy entered a technical recession in the first quarter as coronavirus, or Covid-19, pandemic dampened consumption and investment, provisional data from the Hellenic Statistical Authority showed Thursday.

Gross domestic product fell 1.6 percent on a quarterly basis in the first three months of 2020 after easing 0.7 percent in the fourth quarter of 2019.

Two consecutive quarters of contraction indicates that the economy entered a technical recession.

Year-on-year, GDP shrank 0.9 percent in the first quarter, reversing a growth of 1 percent in the fourth quarter.

The expenditure-side breakdown of GDP showed that final consumption expenditure fell 0.4 percent and gross fixed capital formation declined 8.4 percent.

Overall exports grew 0.1 percent and imports advanced 5.4 percent in the first quarter.

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