Greek fourth quarter economic contraction worse than thought

AP News
|
Posted: Mar 06, 2017 6:41 AM

ATHENS, Greece (AP) — As Greece's slow-moving bailout talks with creditors enter a second week, the statistical authority reports that the economy contracted more in the last quarter of 2016 than initially estimated.

The authority said Monday that output declined by 1.2 percent in October-December, compared with the previous quarter. The earlier estimate was for a 0.4 percent contraction.

The authority said the revision was due to new data not available when the previous estimate was made.

The fourth quarter's sharp decline followed modest growth of 0.3 and 0.6 percent in the second and third quarters.

Greece's left-led government is locked in negotiations with bailout creditors in Athens on further budget cuts and reforms required for the release of a new rescue loan installment.