A weekly review of the Greek economy by domestic lender Eurobank cites lower private consumption, exports and labor productivity as the reasons behind the re-emergence of a recessionary trend in the first quarter of 2016.
According to Eurobank, which cites the preliminary estimates by the statistical service EL.STAT, the annualized percentile change in real GDP stood at -1.16 percent for Q1 2016 — taking into account seasonally adjusted figures.
The same figure for Q4 was -0.68.
On a quarterly basis, the GDP decrease stood at 0.39 percent, down from a marginal 0.08-percent increase in the preceding quarter.
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