Greece’ economy shrank by 1.2 per cent in the fourth quarter of 2016.This is three times worse than a first estimate of 0.4%. It was the worst quarter since 2015.
OUCH. Greek GDP shrank 1.2 per cent in fourth quarter – three times worse than a first estimate of 0.4% Worst quarter since 2015 woes pic.twitter.com/si5UGmBwZR
— Mehreen (@MehreenKhn) March 6, 2017
Greece’s economy contracted by 1.2 percent in October-to-December compared to the third quarter, statistics service (ELSTAT) said on Monday, revising its previous flash estimate of a 0.4 percent decline.
The seasonally adjusted data showed the economy shrank at an annual 1.1 percent pace in the fourth quarter versus a previous flash estimate in February of 0.3 percent growth.
Earlier on Monday, Prime Minister Alexis Tsipras told the cabinet “Greek economy has recovered.” I assume, two things happened: 1.Tsipras was not aware of the ELSTAT data 2. Economy recovered in Q1 2017.
On the other hand, it was just a week ago, the Prime minister claimed “the era of austerity is over.”
Is it?
PS in my village we call it “recession”. Non-stop recession, indeed.
It is the nature of Quislings to lie, cheat and take everybody for a ride. Our pathetic PM is no different. Next time he will try to convince everybody that the sun rises from the west; as a result, if recession/depression is seen from the back it becomes growth! The sad story is that there are morons out there who still believe him.
Seasonally adjusted data…does that mean that tourism has been taken out of the equation?
Tourism is expected to rise this year because many people will ditch Turkey. It is expected that prices in tourism will also rise. But don’t kill the goose that lays the golden eggs….