Greek Economy Shrank in 2016 Q4

The Greek economy unexpectedly shrank in the three months to December, latest figures show.

Output fell by 0.4% in the final quarter of the year, compared with growth of 0.9% in the third quarter. Analysts had been expecting the growth to continue.

The country is in the throes of difficult bailout talks with international creditors.

Overall, eurozone growth was revised down to 0.4% for the fourth quarter.

An initial estimate had put the growth rate at 0.5%, but the estimate was reduced partly as a result of slower than expected growth in Germany.

However, Germany’s 0.4% growth rate in the final quarter of 2016 was still better than the 0.1% rate recorded in the previous three months.

A separate report from the German economy ministry said that rising orders in manufacturing and construction pointed to “solid” growth in the first three months of 2017.

“Economic indicators are pointing to a solid start for the year 2017,” it said.

“However, uncertainties remain especially in the trade environment. The outlook for the global economy remains subdued.”

via BBC

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