ECONOMY

Greek economy shrinks 0.6 pct q/q in fourth quarter

greek-economy-shrinks-0-6-pct-q-q-in-fourth-quarter

Greece's economy contracted by 0.6 percent in last year's final quarter, flash estimates by Eurostat showed on Friday, as fiscal austerity and capital controls continued to weigh on investment, exports and consumer spending.

The decline in gross domestic product from October to December, based on seasonally adjusted data, was smaller than market expectations. Economists polled by Reuters were forecasting a 0.9 percent contraction quarter-on-quarter.

A previously reported 0.9 percent contraction in the third quarter was downwardly revised to -1.4 percent.

The data showed the 173 billion euro economy shrank at an annual 1.9 percent pace in the fourth quarter, unchanged from the third quarter where the contraction was revised to -1.9 percent from -1.1 percent.

Economists were expecting a yearly contraction of 1.5 percent in the last quarter of 2015. [Reuters]