Greece still in recession in 2016, creditors get it wrong

Greece's economy fell into recession again last year on weaker-than-expected consumption as austerity measures continued to rip into household incomes.

The economy contracted by 0.2 percent in 2016, the Hellenic Statistical Authority said on Tuesday, releasing its revised estimate of full-year gross domestic product.

The figure is well below forecasts from Greece's international creditors - the International Monetary Fund and eurozone countries - that predicted the economy expanded last year by 0.3%-0.4%.

Economists expect Greece's negative consumption trends to continue weighing on the economy this year which the Greek government says will expand by 1.8%.

© 2019 by The Greek Guru. 

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