Greece remained in recession for the second quarter of 2016, showing a 0.7% drop in gross domestic product, according to the Hellenic Statistical Authority (ELSTAT).
The Greek GDP declined 0.7% compared to the same period in 2015. A new assessment will be made on August 28 and will include new turnover data, labor force statistics and other pertinent fields.
In an announcement ELSTAT estimates that GDP will show a growth of 0.3% compared to the first three months and that the data will be revised significantly.
On an annual basis, the decline of the first quarter is now recorded at 0.8%, from 1.4% initially announced by ELSTAT.
However, the decline of 0.7% – 0.8% in the first half of the year confirms the pressure on the market. The government has set a target of a 0.6% decrease of GDP throughout the year.
This is the fourth consecutive quarter that the Greek economy remains in recession.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
