Greek economy shrinks in first quarter, contraction deepens


Greece's economy contracted in January-to-March compared to last year's fourth quarter, the country's statistics service (ELSTAT) said on Thursday.

The seasonally adjusted data showed gross domestic product shrank 1.6 percent in the first quarter, at a faster pace compared to a 0.7 percent contraction in October-to-December.

The data also showed the economy shrank at an annual 0.9 percent percent clip in the first quarter after a 1.0 percent growth rate in the fourth quarter of 2019.