May 29, 2015 / 9:13 AM / 4 years ago

Greek final Q1 GDP confirmed at -0.2 pct q/q, economy in recession

ATHENS, May 29 (Reuters) - Greece's economy shrank 0.2
percent in the first quarter, the country's statistics service
said on Friday, confirming a preliminary estimate earlier in the
moonth.
    The data showed that the economy slipped back into recession
as political turmoil put the brakes on a fragile recovery.
    Greece's economy emerged from a six-year recession last
year, but has struggled in recent months as political turbulence
returned towards the end of last year, triggering early
elections that brought the anti-austerity leftists to power.
    The contraction over January to March, based on the second
reading of seasonally adjusted data, followed a 0.4 percent
decline in the final quarter of last year.
    Year-on-year, seasonally adjusted GDP grew 0.4 percent, with
the final reading revised up from a previous estimate of 0.3
percent but slowing from a 1.3 percent annual growth rate in the
fourth quarter of 2014.
   
*************************************************************
    KEY FIGURES      Q1 2015  Q4 2014  Q3 2014  Q2 2014 Q1 2014
    GDP (q/q, pct)     -0.2     -0.4     0.7       0.3*    0.8
    GDP (y/y, pct)      0.4      1.3     1.5       0.3    -0.3
--------------------------------------------------------------
    source: ELSTAT
    *revised

 (Reporting by George Georgiopoulos and Angeliki Koutantou,
editing by Deepa Babington)
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